DEVRY ACCT 553 Week 3 Homework
Assignment
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ACCT 553 Week 3 Homework Assignment
Chapter 7
In your “own” words, please describe what a “Suspended Loss” is, how it is generated
and when it is becomes deductible. (5 pts)
Please describe “Active Participation” as it relates to a taxpayer’s involvement in an
investment in Real Estate. (5 pts).
Chapter 8
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