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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 were 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 of mortgage interest expense. How much,
if any, of that interest is deductible on Schedule A? (5 pts)
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ACCT 553 Week 4 Assignment You Decide
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Jane Smith Case