Individual Income Tax

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CHAPTER 10 DEDUCTIONS AND LOSSES: CERTAIN ITEMIZED DEDUCTIONS SOLUTIONS TO PROBLEM MATERIALS

Question/ Problem 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 *24 *25

Learning Objective LO 1, 2 LO 2 LO 2 LO 2, 8 LO 2 LO 2 LO 2 LO 2 LO 2 LO 2 LO 3 LO 5, 8 LO 5, 8 LO 5 LO 5 LO 5 LO 6 LO 6 LO 6 LO 6 LO 6, 8 LO 6, 8 LO 6, 8 LO 2 LO 2

Topic Effect of changes in AGI on medical expense deduction Definition of a medical expense Cosmetic surgery as a medical expense Nursing home expenses Medical expense qualifications Timing of medical insurance reimbursement Self-employed versus employee medical insurance Medical and casualty loss reimbursement Health savings account (HSA) Free medical care; medical expenses and divorce Apportionment of real estate tax Mortgage interest expense Home equity loan Deduction of interest on home equity loans When “points” are deductible Deduction of interest on debt between related parties Contribution to an individual and church Value received for contribution Charitable contribution: benefit received Contribution of services Timing of contribution Timing of contribution Charitable contribution: various Medical expense deduction and reimbursement Medical expenses: deduction and tax benefit rule 10-1

Status: Present Edition Unchanged Modified Unchanged Unchanged New New Unchanged Unchanged Unchanged Unchanged Unchanged Unchanged Unchanged New Unchanged Unchanged New Unchanged Unchanged Modified Unchanged New New New Updated

Q/P in Prior Edition 1 2 3 4

7 8 9 10 11 12 13 15 16 18 19 20 21

25

© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

10-2

2013 Individual Income Taxes/Solutions Manual Status: Present Edition New Unchanged Unchanged Unchanged New Unchanged New Unchanged New Unchanged Unchanged Unchanged Unchanged Unchanged Unchanged Unchanged Modified Modified Unchanged Updated Modified 35 36 37 38 39 40 41 42 43 44 45 46 27 28 29 31 33 Q/P in Prior Edition

Question/ Problem 26 27 *28 29 30 31 32 *33 34 35 36 37 38 39 40 41 *42 43 44 *45 46

Learning Objective LO 2 LO 2 LO 2 LO 2 LO 2 LO 3 LO 4 LO 5 LO 5 LO 6 LO 6 LO 6, 8 LO 6 LO 6 LO 6 LO 6, 8 LO 2, 3, 4, 5, 7, 8 LO 2, 3, 4, 5, 6, 7 LO 2, 3, 4, 5, 6, 7

Topic Capital expenditures as medical expense deduction Self-employed health insurance Medical expense deduction: taxpayer and dependents Medical expenses: dependent and capital expenditures Health savings accounts Apportionment of real estate taxes: effect on basis and amount realized State income tax deduction and refund Home equity loan: calculation of interest expense deduction Related party loans: interest deduction and income inclusion Charitable contribution deduction: exception to tangible-benefitreceived rule Stock donation: value of contribution Charitable contribution: reduced deduction election Application of percentage limitations to contribution of capital gain property Charitable contribution: reduced deduction election Tangible benefit derived, year of charitable contribution deduction Choice of property for contribution Itemized deductions: joint vs. separate returns Itemized deductions: various Itemized deductions: various Cumulative Cumulative

*The solution to this problem is available on a transparency master.

© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

Deductions and Losses: Certain Itemized Deductions Status: Present Edition Unchanged New Unchanged Unchanged Unchanged New Unchanged Q/P in Prior Edition 1 3 4 5 7

10-3

Research Problem 1 2 3 4 5 6 7

Topic Interest deduction Medical expense deduction: capital expenditure Medical expenses reimbursed by damages award Charitable contribution Charitable contribution Internet activity Internet activity

© 2013 Cengage Learning. All Rights Reserved. May not...
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