1. LO.2 Valentino is a patient in a nursing home for 45 days in 2021. While in...
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1. LO.2 Valentino is a patient in a nursing home for 45 days in 2021. While in the nursing home, he incurs total costs of $13,500. Medicare pays $8,000 of the costs. Valentino receives $15,000 from his long-term care insurance policy, which pays while he is in the facility. Assume that the Federal daily excludible amount for Valentino is $400. Of the $15,000, what amount may Valentino exclude from his gross income?
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Related Book For
Essentials Of Taxation Individuals And Business Entities
ISBN: 233160
1st Edition
Authors: Nellen/Young/Raabe/Maloney
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