15. LO.2 Belinda spent the last 60 days of 2021 in a nursing home. The cost of...
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15. LO.2 Belinda spent the last 60 days of 2021 in a nursing home. The cost of the services provided to her was $18,000 ($300 per day). Medicare paid $8,500 toward the cost of her stay. Belinda also received $7,500 of benefits under a long-term care insurance policy she purchased. Assume that the Federal daily excludible amount is $400. What is the effect of each of these items on Belinda’s 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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