1. Steven is an accountant and maintains an office in his home. Expenses of the business (other than home office expenses) are $15,000. Steven incurs the following home office expenses:

His office occupies 420 sq ft of floor space in his residence. Gross income from his business is $34,000.

Assuming that Steven uses the simplified method, what is his allowable office in the home deduction?

		$2,100
		$1,500
		$420
		$4,200

2.

Richard, age 50, is employed as an actuary. For calendar year 2020, he had AGI of $100,000 and paid the following medical expenses:

Medical insurance premiums	$8,500
Doctor and dentist bills	3,900
Eye exams and eyglasses	2,500
Prescribed medicines	1,000
Over the counter medicines	960

What is Richards maximum allowable medical expense deduction for 2020 assuming he itemizes his deductions?

$9,360
		$860
		$12,400
		$8,400

3.

1. Bill invests $50,000 in an oil partnership. He has taxable income (loss) and investments (withdrawals) as follow:

   Year 1: Income $5,000, withdrawal ($10,000)

   Year 2: Loss ($2,000) investment $5,000

   What is Bill's at-risk amount at the end of year 2?