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?
Find 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 you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
The imposition of a binding price floor on a market causes quantity demanded to be
Answers (1)
Which of the following choices is not evidence supporting the theory of plate tectonics? A) fossil assemblagesB) ancient cave drawing found in FranceC) the jigsaw puzzle-like fit of the continentsD) traces of glaciation found in Africa and South
Answers (1)
In a proposed business venture, a businesswoman estimates there is a 70 % chance she will make $54 comma 000 and a 30 % chance she will lose $59 comma 000. Determine her expected value.
Answers (1)
The worst loss that could ever happen to a firm is referred to as the
Answers (1)
At the beginning of the current year, both Gerald and Nicolas own 50% of Apple Corporation. In July, Gerald sold his stock to Sarah for $110,000.
Answers (2)
New Questions in Business
Total liabilities and total assets for a company amount to $100,000 and $250,000, respectively. Revenue for the year totaled $300,000. What is the owner's total equity? a. $250,000 b. $150,000 c. $400,000 d. $650,000
Answers (1)
Weaver Corporation had the following stock issued and outstanding at January 1, Year 1: 99,000 shares of $14 par common stock. 8,000 shares of $80 par, 4 percent, noncumulative preferred stock.
Answers (1)
Consumption, investment, and government spending and tax revenues are given by the following information: C = 100 + 0.
Answers (1)
Prior to liquidating their partnership, Pepper and Russo had capital accounts of $30,000 and $119,000, respectively. The partnership assets were sold for $55,000. The partnership had no liabilities. Pepper and Russo share income and losses equally.
Answers (1)
Management is considering the discontinuance of the manufacture and sale of Product G at the beginning of the current year. The discontinuance would have no effect on the total fixed costs and expenses or on the sales of Products F and H.
Answers (1)