Home / Questions / Instructions : Please provide 2-3 sentence brief explanation and choose the best multiple
Instructions : Please provide 2-3 sentence brief explanation and choose the best multiple choice answer. All sources must be noted. SHOW ALL WORK.
____ 19 Part A. During 2016, Suey, who is 66, had the following transactions:
Salary
$84,000
Bank loan (proceeds used to buy personal auto)
12,000
Alimony paid
14,000
Child support paid
6,000
Charitable contribution
7,000
IRA contribution
2,000
Gift from aunt
21,000
Home mortgage interest paid
5,000
Interest on City of Atlanta bonds
1,000
Medical expenses
7,800
How much can Suey deduct in medical expenses:
a.
$7,800.
b.
$5,100.
c.
$2,700.
d.
$68,000.
e.
$1,000.
____ 19 Part B. Blad Company purchased a building from Ed for $90,000 cash and a mortgage of $78,000. One year after the transaction, the mortgage had been reduced to $65,000 by principal payments by Blad, but it was apparent that Blad would not be able to continue to make the monthly payments on the mortgage. Ed reduced the amount owed by Blad to $60,000. This reduced the monthly payments to a level that Blad could pay. Blad can reduce its basis in the property by $60,000.
a. True
b. False
|
Salary |
$84,000 |
|
Bank loan (proceeds used to buy personal auto) |
12,000 |
|
Alimony paid |
14,000 |
|
Child support paid |
6,000 |
|
Charitable contribution |
7,000 |
|
IRA contribution |
2,000 |
|
Gift from aunt |
21,000 |
|
Home mortgage interest paid |
5,000 |
|
Interest on City of Atlanta bonds |
1,000 |
|
Medical expenses |
7,800 |
Dec 04 2019 View more View Less
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