QUESTION 10 What is the appropriate tax treatment for the following expenditure of the the...

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Accounting

QUESTION 10

What is the appropriate tax treatment for the following expenditure of the the Vick family in 2018:

Federal income tax withheld from Mrs. Vicks paychecks

a.

Not deductible (as neither a for AGI deduction nor a from AGI deduction)

b.

Deductible in 2018 as a from AGI, subject to the threshold of 10% of adjusted gross income.

c.

Deductible in 2018 as a from AGI and not subject to a threshold (other than the comparison to the standard deduction)

d.

Deductible in 2018 as a from AGI, subject to the limitation of 60% of adjusted gross income.

e.

Deductible in 2018 as a from AGI, subject to a collective $10,000 limit (with other similar items).

QUESTION 11

What is the appropriate tax treatment for the following expenditure of the the Vick family in 2018:

Mrs. Vicks cash donation to the American Red Cross. Proper substantiation was received from the Red Cross.

a.

Not deductible (as neither a for AGI deduction nor a from AGI deduction)

b.

Deductible in 2018 as a from AGI, subject to the threshold of 10% of adjusted gross income.

c.

Deductible in 2018 as a from AGI and not subject to a threshold (other than the comparison to the standard deduction)

d.

Deductible in 2018 as a from AGI, subject to the limitation of 60% of adjusted gross income.

e.

Deductible in 2018 as a from AGI, subject to a collective $10,000 limit (with other similar items).

QUESTION 12

What is the appropriate tax treatment for the following expenditure of the the Vick family in 2018:

Payment of estimated state income taxes.

a.

Not deductible (as neither a for AGI deduction nor a from AGI deduction)

b.

Deductible in 2018 as a from AGI, subject to the threshold of 10% of adjusted gross income.

c.

Deductible in 2018 as a from AGI and not subject to a threshold (other than the comparison to the standard deduction)

d.

Deductible in 2018 as a from AGI, subject to the limitation of 60% of adjusted gross income.

e.

Deductible in 2018 as a from AGI, subject to a collective $10,000 limit (with other similar items).

QUESTION 13

What is the appropriate tax treatment for the following expenditure of the the Vick family in 2018:

Mr. Vicks hair transplant surgery.

a.

Not deductible (as neither a for AGI deduction nor a from AGI deduction)

b.

Deductible in 2018 as a from AGI, subject to the threshold of 10% of adjusted gross income.

c.

Deductible in 2018 as a from AGI and not subject to a threshold (other than the comparison to the standard deduction)

d.

Deductible in 2018 as a from AGI, subject to the limitation of 60% of adjusted gross income.

e.

Deductible in 2018 as a from AGI, subject to a collective $10,000 limit (with other similar items).

QUESTION 14

What is the appropriate tax treatment for the following expenditure of the the Vick family in 2018:

Payment of real estate taxes on the Vicks personal residence.

a.

Not deductible (as neither a for AGI deduction nor a from AGI deduction)

b.

Deductible in 2018 as a from AGI, subject to the threshold of 10% of adjusted gross income.

c.

Deductible in 2018 as a from AGI and not subject to a threshold (other than the comparison to the standard deduction)

d.

Deductible in 2018 as a from AGI, subject to the limitation of 60% of adjusted gross income.

e.

Deductible in 2018 as a from AGI, subject to a collective $10,000 limit (with other similar items).

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