30 May ACCT 324 Week 4 Homework
Chapter 9: Problem #47
Christine is a full-time teacher of the fourth grade at Vireo Academy. During the current year, she spends $1,400 for classroom supplies. On the submission of adequate substantiation, Vireo reimburses her for $500 of these expenses—the maximum reimbursement allowed for supplies under school policy. [The reimbursement is not shown as income (Box 1) of Form W-2 given to Christine by Vireo.] What are the income tax consequences of the $1,400 if Christine:
Chapter 10: Problem #26
Paul, age 62, suffers from emphysema and severe allergies and, upon the recommendation of his physician, has a dust elimination system installed in his personal residence. In connection with the system, Paul incurs and pays the following amounts during 2013:
Doctor and hospital bills $ 2,500
Dust elimination system 10,000
Increase in utility bills due to the system 450
Cost of certified appraisal 300
•Chapter 11: Problem #40
Ray acquired an activity several years ago, and in the current year, it generates a loss of $50,000. Ray has AGI of $140,000 before considering the loss from the activity. If the activity is a bakery and Ray is not a material participant, what is his AGI?
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