Calculating deductable investment expenses

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Reference no: EM131945539

1. All of thew following are considered investment income for the purpose of calculating deductable investment expenses, EXCEPT

Royalty income.

Tax-Exempt income.

Original issue discount.

Ordinary dividend income.

2. In which case will the taxpayer be able to exclude all income from their cancelled debt? The taxpayer:

Received a Form 1099-C with $17,400 in box 2 and $15,700 in box 7, and they were insolvent by $15,800.

Had a debt of $5,400 cancelled. Immediately prior to the debt, they were insolvent by $2,750

Had $11,500 of debt cancelled. Immediately prior to the cancellation, they were insolvent by $12,000

Had a debt of $7,850 cancelled. Immediately prior to the debt, they were insolvent by $6,500

Reference no: EM131945539

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