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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?
What is the allowed itemized deduction for state income taxes for 2013?
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Explain how the taxable value of these fringe benefits will be calculated - Determine whether the following benefits are fringe benefits or exempt fringe benefits
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Tom had chosen to go to the exhibition because her family is in Indonesia and he took the opportunity to visit them while she was there. The conference ran for three days and she stayed on for an additional five days at her parents' home.
Evaluate the cost of a 20-guest afternoon picnic and evaluate the cost of a 20-guest evening formal dinner.
Nikki receives a 28 percent discount on jewelry restoration services offered by Shine Company. This year, Nikki had Shine Company repair a set of antique earrings (normal repair cost $600; discounted price $432.00).
Natural Selection's liabilities-to-equity ratio Times interest earned ratio Times burden covered What percentage decline in earnings before interest and taxes could Natural Selection have sustained before failing to cover: Interest payment req..
Tax accountant, to advise them on the tax implications of the proposed financing agreement. After researching the matter, issue your advice in a tax research memo.
Describe the rules that apply to each property transaction
What is the net cash saved in income taxes by using double-declining-balance depreciation over straight-line depreciation?
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