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Practice Final Exam

In: Business and Management

Submitted By mhakim92
Words 23154
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University of Wisconsin Parkside School of Business and Technology
Dr. R. Zameeruddin

INDIVIDUAL TAXATION, ACCT 305 PRACTICE FINAL EXAM

Name _______________________

MULTIPLE CHOICE
1. Jeanne had an accident while hiking on vacation. She sustained nose injuries that required cosmetic surgery. While having the surgery done to restore her appearance, she had additional surgery done to reshape her chin, which was not injured in the accident. The surgery to restore her appearance cost $15,000 and the surgery to reshape her chin cost $4,000. How much of Jeanne’s surgical fees will qualify as a deductible medical expense (before application of the 7.5% limitation)? a. $0. b. $4,000. c. $15,000. d. $19,000. e. None of the above.

ANS: C Cosmetic surgery is necessary (and therefore deductible) when it ameliorates (1) a deformity arising from a congenital abnormality, (2) a personal injury, or (3) a disfiguring disease. The $15,000 cost incurred in connection with the restorative surgery (required as a result of the accident) is deductible because the surgery was necessary. Amounts paid for the unnecessary cosmetic surgery ($4,000 for reshaping the chin) are not deductible as a medical expense. PTS: 1 REF: Example 2 | Example 3

2

2.

Fred and Lucy are married and together have AGI of $120,000 in 2007. They have four dependents and file a joint return. They pay $5,000 for a high deductible health insurance policy and contribute $2,600 to a qualified Health Savings Account. During the year, they paid the following amounts for medical care: $9,200 in doctor and dentist bills and hospital expenses, and $3,000 for prescribed medicine and drugs. In October 2007, they received an insurance reimbursement of $4,400 for hospitalization. They expect to receive an additional reimbursement of $1,000 in January 2008. Determine the maximum deduction allowable for

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