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1. Medical Expense Deduction - Dan lives in Duncan, a small town in Arizona. Because of a rare blood disease, Dan is required to take special medical treatments once a month. The closest place these treatments are available to Dan is in Phoenix, 200 miles away. The treatments are on an outpatient basis but required him to stay overnight in Phoenix. During the year, Dan makes 12 trips to Phoenix by automobile to receive the treatments. The motel he always stays in charges 85$ per night. For the year, Dan also spends a total of $250 for meals on these trips. $100 of this $250 is spent while en route to Phoenix. What is the amount of Dans qualified medical expenses for 2011? 2. During 2011, Doug incurs the following deductible expenses: $2,300 in state income taxes, #3,000 in local property taxes, $800 in medical expenses, and 2000 in charitable contributions. He is single, has no dependents, and has a $35,000 AGI for the year. What is the amount of Dougs taxable income? Find the section of the Internal Revenue Code that deals with itemized deductions. Write a one-page report on any one of those deductions for which you qualify and how it can save you money.
An appraisal showed that the fair market value of inventory was $300,000 and that the fair market value of the plant assets was $1,250,000. The fair market value of the receivables is equal to book value. The agreed purchase price was $2,200,000 m..
assume you are opening a bed bath and beyond store. to finance the business you need a 500000 loan and your banker
During 2010, Marvin had the following transactions: Marvin's AGI is:
repayments of long-term borrowings of $3.5 million, interest payments of $780,000, repurchase of treasury shares of $500,000 and cash dividends declared of $1.1 million. Net cash flow from financing activities equals.
A change in estimate was made in 2011 to reflect these additional data. What amount should Wolverine record as the balance of the accumulated depreciation account for this machine at December 31, 2011?
Compute Karen's net income for 2009 using cash-basis accounting. Compute Karen's net income for 2009 using accrual-basis accounting. Why is accrual-basis accounting normally used?
the information below is taken from the december 31 2014 adjusted trial balance of rummer company all numbers are
Analyze the strengths and weaknesses of the Form 10-K information and disclosures in terms of whether they provide relevant and reliable information to investors.
Each unit requires 20 minutes of direct labor. If 13,200 units were produced, what was the fixed overhead spending variance?
on july 1 of the current year the assets and liabilities of wong industries are as follows cash 15000 accounts
product x is a consumer product with a retail price of 9.95. retailers margins on the product are 40 based on the
schaefer company is in the process of adjusting and correcting its books at the end of 2010. the books are still open
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