NEED HELP WITH THE FOLLOWING QUESTIONS RELATED TO TAX ACCOUNTING (CPA PREP STYLE QUESTIONS)

1) During the current year, Henry Taylor fell off his roof & was hospitalized. While in the hospital, Henry paid the following expenses:

Medical services = $1,800

Meals = $500

Room Charge = $2,900

In addition, he paid the following expenses in the current year:

Vits for Gen Health = 70 bucks

Chiropractors fee = 450 bucks

Weight loss program = 400 bucks

Contact lenses = $350

Henry paid $800 for medical insurance premiums and was reimbursed $2,000 by his insurance company for the above expenses. His adjusted gross income $20k in the current year. What is Henry's current medical deduction for Schedule A?

Choices:

A 2,970

B 4,800

C 3,300

D 2,500

2. What is the amount of Kelly's 2020 NOL?

Net loss from business (sales of $90k less expenses of 120k) = $-30k

Salary from part time employment = $10k

Interest income from savings = $3,000

Net loss from farm activity = $-5,000

Net long term capital gain from sale of business property = $7,000

Net short term capital loss -----stock sale = $-4,000

Standard deduction = $12.4k

Choices:

A $13k

B $31.4k

C $25k

D $18k

3. Which of the following assets is generally depreciable or amortizable for federal income purposes?

I. Goodwill

II. Copyright

III. Business Auto Driven by Business Owner

IV. Machinery

V. Leasehold Improvement

Choices:

A. III and IV only

B. III, IV, V only

C. i, ii, iii, iv, and v

D. II, III, IV, and V only