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Question 5.Question :(TCO G) What is an appropriate home office expense?Student Answer:Childcare costs while taxpayer working.Improvements made to taxpayer’s master bathroom.Allocable share of mortgage interest.Allocable share of main phone line.Instructor Explanation:Chapter 7, page 7-23Points Received:5 of 5 Comments:Question 6.
Question :(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!-535961167MultipleChoice10True0-535961167MultipleChoice10-535961166MultipleChoice13True0-535961166MultipleChoice13