Medical insurance premiums on her employees

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Reference no: EM13991248

Discuss how an individual would deduct each of the following expenditures. If more than one treatment is possible, discuss the circumstances under which each type of deduction would be obtained:

a. Amos purchased 500 shares of Lietzke stock for $50 per share. He also paid $1,200 in commissions on the purchase.

b. Dandy owns an optical store. She paid $2,000 in medical insurance premiums on her employees and $1,400 on a medical policy covering herself and her family.

c. Oscar is a finance professor at State University. He purchased professional journals costing $400 that he uses to keep current on the latest developments in finance.

d. Gerry is a nurse. He paid $350 for nursing uniforms.

e. Edgar owns a rental property. His rental income for the year was $13,000, and his allowable expenses were $9,000.

Reference no: EM13991248

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