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How much of their medical expenses are deductible

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Reference no: EM132612941

Question - Oscar and Terra are married and file a joint tax return. Terra has 2 businesses in which she materially participates. They have the following items in 2020.

Oscar's Salary: $550,000

Interest Income: $110,000

Municipal Interest: $50,000

Terra's Income/(Loss) from Business 1: $(950,000)

Terra's Income/(Loss) from Business 2: $300,000

Medical Expenses: $15,000

Assuming Oscar and Terra itemize deductions, how much of their medical expenses are deductible?

a. $0

b. $15,000

c. $4,350

d. None of these

e. $14,250

Reference no: EM132612941

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