Refer to the Ethics & Equity information reflected on page 9-36 of the textbook. Prepare a discussion board post commenting on Jacobs actions. Your discussion will include references to outside information as necessary. You should also respond to two other discussion board responses.

Topic: Week 9 Discussion Boar x C Get Homework Help With Che X C Chegg eReader G Refer to "The Big Picture" at th x G Refer to the "Ethics & Equity" + C chegg.com/reader/9780357109700/462/ * weight reduction Q .. LO.2 Page size 0 112 Define medical expenses and compute the medical expense deduction 10-1 MEDICAL EXPENSES Medical expenses paid for the care of the taxpayer, spouse, and dependents are allowed as an itemized deduction to the extent the expenses are not reimbursed. The medical expense deduction is limited to the amount by which these expenses exceed 10 percent of the taxpayer's AGI? The threshold percentage, sometimes referred to as a "floor," is used to restrict deduc- tions, because expenses below the floor are not deductible. Here, the floor is significant Only medical expenses in excess of the -10%-of-AGI floor" are deductible. As a result, a medical expense deduction i rare (especially for high-income taxpayers). 50% The Big Picture EXAMPLE Return to the facts of The Big Picture on p. 10-1. If as expected, the Williamsons' AGI for the year is $200,000, to receive a tax benefit from any unreimbursed medical expenses, they must itemize their deductions and have more than $20,000 ($200,000 X 10%) of those expenses. If they paid $22,000 of unreimbursed medical expenses during the year and itemize their deductions, their total item- ized deductions increase by $2,000 ($22,000 unreimbursed medical expenses $20,000 AGI floor). 10-1a Medical Expenses Defined The term medical care includes expenses incurred for the diagnosis, cure, mitigation, treatment, or prevention of disease, or for the purpose of affecting any structure or function of the body. A partial list of deductible and nondeductible medical items appears in Exhibit 10.1. EXHIBIT 10.1 Examples of Deductible and Nondeductible Medical Expenses Paid by Taxpayer Nondeductible Deductible Medical (including dental, mental, and hospital) care Prescription drugs and insulin Special equipment: Wheelchairs Crutches Artificial limbs Eyeglasses (including contact lenses) Hearing aids Transportation for medical care Medical and hospital insurance premiums Long-term care insurance premiums (subject to limitations) Cost of alcohol and drug rehabilitation Certain costs to stop smoking Weight reduction programs related to obesity Funeral burial, or cremation expenses Over-the-counter medicines (except insulin) Bottled water Toiletries, cosmetics Diaper service, maternity clothes Programs for the general improvement of health Weight reduction Health spas Social activities (e.g.,dancing and swimming lessons) Unnecessary cosmetic surgery For 2017 and 2018, the threshold was 7.9% for all individuals. For 2013 through S21XXIXA Topic: Week 9 Discussion Boar x C Get Homework Help With Che X C Chegg eReader G Refer to "The Big Picture" at th x G Refer to the "Ethics & Equity" + C chegg.com/reader/9780357109700/462/ * weight reduction Q .. LO.2 Page size 0 112 Define medical expenses and compute the medical expense deduction 10-1 MEDICAL EXPENSES Medical expenses paid for the care of the taxpayer, spouse, and dependents are allowed as an itemized deduction to the extent the expenses are not reimbursed. The medical expense deduction is limited to the amount by which these expenses exceed 10 percent of the taxpayer's AGI? The threshold percentage, sometimes referred to as a "floor," is used to restrict deduc- tions, because expenses below the floor are not deductible. Here, the floor is significant Only medical expenses in excess of the -10%-of-AGI floor" are deductible. As a result, a medical expense deduction i rare (especially for high-income taxpayers). 50% The Big Picture EXAMPLE Return to the facts of The Big Picture on p. 10-1. If as expected, the Williamsons' AGI for the year is $200,000, to receive a tax benefit from any unreimbursed medical expenses, they must itemize their deductions and have more than $20,000 ($200,000 X 10%) of those expenses. If they paid $22,000 of unreimbursed medical expenses during the year and itemize their deductions, their total item- ized deductions increase by $2,000 ($22,000 unreimbursed medical expenses $20,000 AGI floor). 10-1a Medical Expenses Defined The term medical care includes expenses incurred for the diagnosis, cure, mitigation, treatment, or prevention of disease, or for the purpose of affecting any structure or function of the body. A partial list of deductible and nondeductible medical items appears in Exhibit 10.1. EXHIBIT 10.1 Examples of Deductible and Nondeductible Medical Expenses Paid by Taxpayer Nondeductible Deductible Medical (including dental, mental, and hospital) care Prescription drugs and insulin Special equipment: Wheelchairs Crutches Artificial limbs Eyeglasses (including contact lenses) Hearing aids Transportation for medical care Medical and hospital insurance premiums Long-term care insurance premiums (subject to limitations) Cost of alcohol and drug rehabilitation Certain costs to stop smoking Weight reduction programs related to obesity Funeral burial, or cremation expenses Over-the-counter medicines (except insulin) Bottled water Toiletries, cosmetics Diaper service, maternity clothes Programs for the general improvement of health Weight reduction Health spas Social activities (e.g.,dancing and swimming lessons) Unnecessary cosmetic surgery For 2017 and 2018, the threshold was 7.9% for all individuals. For 2013 through S21XXIXA