An individual taxpayer earned $10,000 in investment income, $8,000 in noninterest investment expenses, and $5,000 in investment interest expense. How much is the taxpayer allowed to deduct on the current years tax return for investment interest expenses?

Question 8 options:

a)

$2,000

b)

$5,000

c)

$3,000

d)

$0

Question 9 (1 point)

Which one of the following expenditures qualifies as a deductible medical expense for tax purposes?

Question 9 options:

a)	Vitamins for general health not prescribed by a physician.

b)	Transportation to physicians office for required medical care.

c)	Mandatory employment taxes for basic coverage under Medicare A.

d)	Health club dues

Question 10 (1 point)

Among which of the following related parties are losses from sales and exchanges not recognized for tax purposes?

Question 10 options:

a)	Ancestors, lineal descendants, and all in-laws

b)	Uncle and nephew

c)	Mother-in-law and daughter-in-law

d)	Brother and sister