Question 23Tim and George file their tax return as married filing jointly. Their combinedAGI i 57.500. They havemedical expenses as folowsPreseription Medications $600Dental Care $4,500Emergency Room Vinits S1,500X-Rays and Imaging S800They received reimbursements from their insurance company in the amount of S1.651. How much can theyclaim as a deduction for medical expenses (after 1imitations)?a) $0O b) $1,436c) $5,749d) $7,400Question 24 (Caroline, a single taxpayer, owns 2,000 shares of qualifying small business stock that she purchased forS230,000. During the current year, she sells 800 of the shares for $35,000. If this is the only stock Carolinesells during the year, what can she deduct as an ordinary and capital loss?a) Ordinary loss Capital loss$57,000$-0-b) Ordinary loss Capital loss$50,000$3,000c) Ordinary loss Capital loss$50,000$7,000d) Ordinary loss Capital loss$-0-$3,000e) Ordinary loss Capital loss$-0-$60,000

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Tim and George file their tax return s maried fling jointly. Their combined AGI 150. Theey have medical expenses as follows Prescription Medications S00 Dental Care $4,500 Emergency Room Visits S1,50o X-Rays and Imaging S00 They received reimbursements from their insurance company in the amount of $1.551. How mach can they laim as deduction for medical espenses (afher limitations? O a) so Ob) $1,436 OO $5,749 Od) $7,400

Tim and George file their tax return s maried fling jointly. Their combined AGI 150. Theey have medical expenses as follows Prescription Medications S00 Dental Care $4,500 Emergency Room Visits S1,50o X-Rays and Imaging S00 They received reimbursements from their insurance company in the amount of $1.551. How mach can they laim as deduction for medical espenses (afher limitations? O a) so Ob) $1,436 OO $5,749 Od) $7,400

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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