Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. exercise 5-20 (lo. 2) valentino is a patient in a

Exercise 5-20 (LO. 2) Valentino is a patient in a nursing home for 45 days...

90.2K

Verified Solution

Question

Accounting

Exercise 5-20 (LO. 2)

Valentino is a patient in a nursing home for 45 days of 2020. While in the nursing home, he incurs total costs of $13,500. Medicare pays $8,000 of the costs. Valentino receives $15,000 from his long-term care insurance policy, which pays while he is in the facility. Assume that the Federal daily excludible amount for Valentino is $380.

Of the $15,000, what amount may Valentino exclude from his gross income?

**Answer is NOT 7,700 or 7,300 or 8,200

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Basic Math
1.2K views

Because of the relatively high interest rates, most consumers attempt to pay off their credit card...

Psychology
1.2K views

Imagine that you have a friend who has a social phobia associated with speaking in public....

Mechanical Engineering
1.2K views

A 10 kg steam initially at 2 MPa saturated vapor is inside an insulated piston cylinder....

Geometry
1.2K views

Find 1 ope intercept Form Worksheet the slope of each line 3 Siope O 2014m...

Basic Math
1.2K views

Given y = 1/3log(2x), which of the following represents the logarithmic equation rewritten intoexponential form?2ey=x10=3y10...

Calculus
1.2K views

An unfilled vacuum capacitor has a capacitance of 5 70mF It is then filled with...

Calculus
1.2K views

m 6 5 8 12 Then use a graphing utility to plot the points and...

Algebra
1.2K views

her the following statement is true or false If r 0 1 there is a...

Accounting
1.2K views

Porter Corporation owns all 30,000 shares of the common stock of Street, Inc. Porter has...

Accounting
1.2K views

A machine cost $880,000 on May 1, 2018. Its estimated salvage value is $80,000 and...

Accounting
1.2K views

Rosie Dry Cleaning was started on January 1, Year 1. It experienced the following events...

Accounting
1.2K views

Under GAAP when a company writes down the value of an asset due to impairment...