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34. During 2023, Angela sustains serious injuries from a snow-skiing accident. She incurs the...

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Accounting

34. During 2023, Angela sustains serious injuries from a snow-skiing accident. She incurs the following expenses:
Item Amount
Doctor bills $11,700
Hospital bills 9,400
Legal fees in suit against ski resort 3,000
Angela is single and has no dependents. For the year, her salary is $58,000. She pays $600
in medical and dental insurance premiums, which is withheld from her paycheck on an
after-tax basis, $6,750 in mortgage interest on her home, and $1,200 in interest on her car
loan. Her health insurance provider reimburses her for $10,000 of the medical expenses.
What is her 2023 taxable income?
44. During the current year, Tina purchases a beachfront con-dominium for $600,000, paying $150,000 down and taking out a $450,000 mortgage, secured by the property. At the time of the purchase, the outstanding mortgage on her principal residence is $700,000. This debt is secured by the residence. The FMV of the principal residence is $950,000. She purchased the principal residence in 2018. What is the amount of qualified indebtedness on which Tina may deduct the interest payments?

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