TCO G Dave had to drive from Pittsburgh to the Cleveland Clinic numerous times

Tco g dave had to drive from pittsburgh to the

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(TCO G) Dave had to drive from Pittsburgh to the Cleveland Clinic numerous times during 2016; he incurred 1,053 miles and spent $650 on gas. What, if anything, can he deduct as a medical expense on his 2016 return? You Answered $650 $200 Nothing, travel expenses are not a deductible medical expense. $850 Chapter 8, standard mileage rate for medical-related travel in 2016 is 19 cents/mile. Question 5 5 / 5 pts (TCO G) Which is NOT a typical expense deductible for home office? Electricity Correct! Swimming pool Heating costs
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Depreciation Chapter 7, page 7-24 Question 6 15 / 15 pts (TCO G) Lewis owned an LP interest in Kate Partners, LP. He did not materially participate in the activity. On the date he gifted the Kate partnership interest to his son, Travis, his basis was $25,000. Suspended losses amounted to $15,000 as of that date. What is Travis’s adjusted basis in the gift? Show your work! Your Answer: Lewis's adjusted basis $25,000 Suspended losses + $15,000 Travis's adjusted basis $40,000 Travis's adjusted basis for the gift is $40,000. Professor’s Response: None of the suspended losses are deductible, but Travis will have an increased basis of $40,000: Donor's adjusted basis $25,000
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