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Unit 5 Chapter Problems
Perform Chapter 10 Problems 2 , 3 , 7 , 16 , 20 & 28 ( Pages 10-37,38,39,40 & 41 in the text ) and Chapter 11 Problems 5 & 17 ( Pages 11-27 & 28 in the text )
Chapter 10
2 . LO . 2 Barbara incurred the following expenses during the year : $ 840 dues at a health club she joined at the suggestion of her physician to improve her general physical condition , $ 240 for multiple vitamins and antioxidant vitamins , $ 500 for a smoking cessation program , $ 240 for nonprescription nicotine gum , $ 600 for insulin , and $ 7,200 for funeral expenses for her mother who passed away in June . Which of these expenses may be included in computing the medical expense deduction ?
3 . LO . 2 Joe was in an accident and required cosmetic surgery for injuries to his nose . He also had the doctor do additional surgery to reshape his chin , which had not been injured . Will the cosmetic surgery to Joe ’ s nose qualify as a medical expense ? Will the cosmetic surgery to Joe ’ s chin qualify as a medical expense ? Explain .
7 . LO . 2 David , a sole proprietor of a bookstore , pays a $ 7,500 premium for medical insurance for him and his family . Joan , an employee of a small firm that doesn ’ t provide her with medical insurance , pays medical insurance premiums of $ 8,000 for herself . How does the tax treatment differ for David and Joan ?
16 . LO . 5 Ellen borrowed $ 50,000 from her parents for a down payment on the purchase of a new home . She paid interest of $ 3,200 in 2012 , $ 0 in 2013 , and $ 9,000 in 2014 . The IRS disallowed the deduction . What explanation can you offer for the disallowance ?