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Ellen supports her family as a self-employed attorney. She reports $90,000 of income on her Schedule C and pays $8,000 on health insurance for her family, $2,500 on dental insurance, $4,000 on health insurance for her 23-year-old daughter who is no longer a dependent, and $3,000 on disability insurance for herself. What is Ellen's self-employed health insurance deduction?
Answer
a. $8,000
b. $10,500
c. $12,000
d. $14,500
e. $13,500
Dove Corporation had purchased the land as an investment three years ago for $375,000, and the land was distributed subject to a $270,000 liability. Alexandra took the land subject to the $270,000 liability. What is Alexandra's basis in the land?
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