ACCT 553 help A Guide to career/uophelp.com ACCT 553 help A Guide to career/uophelp.com | Page 11

11. Explain the Economic Benefit Doctrine.
---------------------------------------------------------------------------
ACCT 553 Week 3 Homework
For more course tutorials visit
www.uophelp.com
Chapter 7
1. In your "own" words, please describe what a "Suspended Loss" is,
how it is generated and when it is becomes deductible. (5 pts)
2. Please describe "Active Participation" as it relates to a taxpayer's
involvement in an investment in Real Estate. (5 pts).
Chapter 8
3. Macy had a lot of medical expenses this year that were3 not covered
by her insurance (either due to a deductible, co-insurance, or co-pay).
Her un-reimbursed qualifying medical expenses total $8,356 and her
AGI for 2013 is $45,000. Assuming she will itemize on her 2013 tax
return, how much of her medical expenses will she be able to deduct? (5
pts)
4. Heather & Terry have a mortgage on their primary residence of
$750,000 and a mortgage on their vacation home of $410,000. In 2013,
they incurred $46,400