1. In your "own" words, please describe what a "Suspended Loss" is,how it is generated and when it is becomes deductible. (5pts) 2.Please describe "Active Participation" as it relates to ataxpayer's involvement in an investment in Real Estate. (5pts).
Chapter8
3.Macy had a lot of medical expenses this year that were not coveredby her insurance (either due to a deductible, co-insurance, orco-pay). Herun-reimbursed qualifyingmedical expenses total $8,356 and her AGI for 2013 is $45,000.Assuming she will itemize on her 2013 tax return, how much of hermedicalexpenses willshe be able to deduct? (5pts)
4.Heather & Terry have a mortgage on their primary residence of$750,000 and a mortgage on their vacation home of $410,000. In2013, they incurred$46,400 ofmortgage interest expense. How much, if any, of that interest isdeductible on Schedule A? (5 pts)
Chapter 14
1. Please describe the concept of "doubletaxation" and discuss which entity(ies) are subject to this type oftaxation. (5 pts)
2. What type oftaxpayers are considered "eligible" taxpayers with regard tospecial ordinary loss treatment of IRC Section 1244 stock? (5pts.)
3. Pleasedescribe how the treatment of capital gains(losses) differ for a CCorporation as compared to an Individual. ( 5 pts.)
4. Please describethe concept of "Depreciation recapture". ( 5 pts.)
2.Please describe "Active Participation" as it relates to ataxpayer's involvement in an investment in Real Estate. (5pts).
Chapter8
3.Macy had a lot of medical expenses this year that were not coveredby her insurance (either due to a deductible, co-insurance, orco-pay). Herun-reimbursed qualifyingmedical expenses total $8,356 and her AGI for 2013 is $45,000.Assuming she will itemize on her 2013 tax return, how much of hermedicalexpenses willshe be able to deduct? (5pts)
4.Heather & Terry have a mortgage on their primary residence of$750,000 and a mortgage on their vacation home of $410,000. In2013, they incurred$46,400 ofmortgage interest expense. How much, if any, of that interest isdeductible on Schedule A? (5 pts)
Chapter 14
1. Please describe the concept of "doubletaxation" and discuss which entity(ies) are subject to this type oftaxation. (5 pts)
2. What type oftaxpayers are considered "eligible" taxpayers with regard tospecial ordinary loss treatment of IRC Section 1244 stock? (5pts.)
3. Pleasedescribe how the treatment of capital gains(losses) differ for a CCorporation as compared to an Individual. ( 5 pts.)
4. Please describethe concept of "Depreciation recapture". ( 5 pts.)
