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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