Your friend Scotty informs you that he received a "tax-free" reimbursement in 2018 of some medical expenses he paid in 2017. Which of the following statements best explains why Scotty is not required to report the reimbursement in gross income? a. Scotty itemized deductions in 2017. b. Scotty did not itemize deductions in 2017. c. Scotty itemized deductions in 2018. d. Scotty did not itemize deductions in 2018. e. Scotty itemized deductions in 2018 but not in 2017.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Your friend Scotty informs you that he received a "tax-free" reimbursement in 2018 of some medical expenses he paid in 2017. Which of the ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
A few years ago, simon powell purchased a home for $225,000. today, the home is worth $400,000. his remaining mortgage balance is $175,000.
Answers (1)
Lucia Ltd. reported net income of $135,000 for the year ended December 31, 2016. January 1 balances in accounts receivable and accounts payable were $29,000 and $26,000, respectively.
Answers (1)
Stuart, a cash-basis taxpayer, operates a small retail store. His books show the following income items for the year: Sales - paid, $84,357; Sales - unpaid, $1,549; and Sale of cardboard packaging to recycling company, $1,314 - paid.
Answers (1)
Diversification means: a. allocating all your investment funds into one type of investment. b. allocating your investment funds to several types of investments. c. being knowledgeable about the various types of investment opportunities. d.
Answers (1)
Suppose there is currently a tax of $50 per ticket on airline tickets. buyers of airline tickets are required to pay the tax to the government. if the tax is reduced from $50 per ticket to $30 per ticket, then the
Answers (1)
New Questions in Business
When the federal government changes purchases and/or taxes to stimulate the economy or rein in inflation, such policy is rev: 06_13_2018 Multiple Choice active monetary policy. automatic fiscal policy. discretionary fiscal policy.
Answers (2)
For each of the goods, identify the characteristics that describe each good. Note that each good will be described with two characteristics. Rivalrous is also referred to as rival in consumption.
Answers (1)
A member firm receives a large block order to buy 100,000 shares of XYZ stock, which is not actively traded. Which customer (s) of the firm can buy XYZ stock prior to the filling of the block trade? A.
Answers (1)
Which of the following statements about a company's operating cycle is not true: a. The operating cycle is the time span from when cash is used to acquire goods and services until cash is received from the sale of goods and services. b.
Answers (1)
The legal process of making an instrument, or legal document, an official part of the records of a county, once it has been acknowledged, thereby giving constructive notice of the existence and content of these instruments to the public, is known as
Answers (1)