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7 . To be deductible for tax purposes , a trade or business expenditure must be :
8 . Mr . Wilson is 66 years old and single . His income for 2009 consisted of the following : Taxable pension $ 10,000 Taxable interest 9,000 Taxable dividends 5,000 Social security payments 5,000 He did not have any adjustments to income . What amount of W ' s social security benefits is taxable ?
9 . Explain the Assignment of Income Doctrine ( AID ) and the " fruitof-the-tree " doctrine .
10 . Explain the Constructive Receipt Doctrine .
11 . Explain the Economic Benefit Doctrine .
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Chapter 7
ACCT 553 Week 3 Homework FOR MORE CLASSES VISIT www . acct553study . com
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