15. Assuming the same facts in 14 except that Patricia purchased the stock on January 31, 2014 for $55,000. What is the amount of her 2017 deduction? a. $35,000 b. $36,000 c. $55,000 d. $65,000 e. None of the above 16. Assuming the same facts in 15 except that Patricia makes the Reduced Deduction Election. What, if any, is the amount of her 2017 deduction, and the amount of carryover to 2018? a. 2017 Deduction is $65,000 and the carryover is $0 b. 2017 Deduction is $60,000 and the carryover is $5,000 c, 2017 Deduction is $55,000 and the carryover is $10,000 d. 2017 Deduction is S55,000 and the carryover is $0 e. None of the above 7. Christopher owned stock in Thyme Corporation that he donated to a university (a ualified charitable organization) on December 30, 2017. What is the amount of hristopher's deduction assuming that he had purchased the stock for $22,000 on January 3, 2014, and the stock had a fair market value of $58,000 when he made the donation? Christopher's AGI is $150,000. a, $0. b. $22,000. c. $45,000. d. $58,000. e. None of the above Jacob and Chloe are married and together have AGI of $45,000. They have two dependents and file a joint return. Each pays $1,200 for hospitalization insurance. uring the year, they paid the following amounts for medical care: $9,000 in doctor and dentist bills and hospital expenses, and $1,700 for prescribed medicine and drugs. In December, they received an insurance reimbursement of $2,700 for hospitalization. Without consideration for the standard deduction, determine the deduction allowable for medical expenses paid during the year assuming a 10% limitation. . a. $5,900 b. $8,600 c. $10,400 d. $13,100 e. None of the above 15. Assuming the same facts in 14 except that Patricia purchased the stock on January 31, 2014 for $55,000. What is the amount of her 2017 deduction? a. $35,000 b. $36,000 c. $55,000 d. $65,000 e. None of the above 16. Assuming the same facts in 15 except that Patricia makes the Reduced Deduction Election. What, if any, is the amount of her 2017 deduction, and the amount of carryover to 2018? a. 2017 Deduction is $65,000 and the carryover is $0 b. 2017 Deduction is $60,000 and the carryover is $5,000 c, 2017 Deduction is $55,000 and the carryover is $10,000 d. 2017 Deduction is S55,000 and the carryover is $0 e. None of the above 7. Christopher owned stock in Thyme Corporation that he donated to a university (a ualified charitable organization) on December 30, 2017. What is the amount of hristopher's deduction assuming that he had purchased the stock for $22,000 on January 3, 2014, and the stock had a fair market value of $58,000 when he made the donation? Christopher's AGI is $150,000. a, $0. b. $22,000. c. $45,000. d. $58,000. e. None of the above Jacob and Chloe are married and together have AGI of $45,000. They have two dependents and file a joint return. Each pays $1,200 for hospitalization insurance. uring the year, they paid the following amounts for medical care: $9,000 in doctor and dentist bills and hospital expenses, and $1,700 for prescribed medicine and drugs. In December, they received an insurance reimbursement of $2,700 for hospitalization. Without consideration for the standard deduction, determine the deduction allowable for medical expenses paid during the year assuming a 10% limitation. . a. $5,900 b. $8,600 c. $10,400 d. $13,100 e. None of the above
