Reference no: EM13308582
Analyze the tax implications for the following case study. Apply the IRS codes to determine itemized deductions for individuals. Support your conclusions with reference to specific IRS codes and regulations.
During 2011, Emily sustains serious injuries from a snow-skiing accident. She incurs the following expenses:
Item Amount
Doctor bills $11,700
Hospital bills 9,400
Hot and warm sauna 15,000
Legal fees in suit against ski resort 3,000
Emily is single and has no dependents. For the year, her AGI is $58,000. In 2011, she pays $600 in medical and dental insurance premiums, which are withheld from her paycheck on an after-tax basis, $2,750 in mortgage interest on her home, and $1,200 in interest on her car loan. Her health insurance provider reimburses her for $10,000 of the medical expenses. Based on her doctor’s recommendation and prescription, Emily had a contractor install a certified hot and warm sauna at a cost of $15,000 in the year. She paid all of it with her savings in 2011. The Fair Market Value of the property improved by $7,500. Emily had real estate taxes of $4,000 on her property. Emily had no other personal exemptions. Based on this case study information, determine Emily’s itemized deductions. Which of these items can and cannot be listed as medical deductions? Why? What is her 2011 taxable income?
|
Distinguish between bilateral and unilateral contracts
: Please distinguish between bilateral and unilateral contracts. Please distinguish between executed and executory contracts. Please distinguish between valid, void, and voidable contracts.
|
|
Total revenue schedule-marginal revenue schedule
: Create a total revenue schedule, marginal revenue schedule, and a graph representing both. Interpret what the graph tells your chosen company’s management team.
|
|
Establishing an internet web site
: The first thing one should do before establishing an internet web site is
|
|
Behavior modeling is best for improving
: The long-term success of diversity training is characterized by: Training designed to prepare employees to perform their jobs effectively, learn about the organization, and establish work relationships is known as: Behavior modeling is best for impro..
|
|
Analyze the tax implications for the following case study
: Analyze the tax implications for the following case study. Apply the IRS codes to determine itemized deductions for individuals. Support your conclusions with reference to specific IRS codes and regulations.
|
|
Wild west produces two types of cowboy hats
: Wild West produces two types of cowboy hats. Type I hat requires twice as much labor as a Type II. If all the available labor time is dedicated to Type II alone, the company can produce a total of 400 Type II hats a day.
|
|
Business games and case studies-characteristic of e-learning
: Which one of the following statements about business games and case studies is FALSE? The most accurate way to evaluate the training program is to. Which one of the following is NOT a characteristic of e-learning?
|
|
Employees learn-training is a combination-person analysis
: All of the following are suggestions to help employees learn EXCEPT: Readiness for training is a combination of all of the following EXCEPT. Which one of the following questions is NOT addressed by the person analysis?
|
|
Downstream temperature
: Steam at 500 bar and 500°C undergoes a throttling expansion to 1 bar. What will be the temperature of the steam after the expansion? What would be the downstream temperature if the steam were replaced by an ideal gas, CP /R = 7/2?
|