How much of the following expenses are currently deductible by a cash basis taxpayer? a. Medical prescriptions

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How much of the following expenses are currently deductible by a cash basis taxpayer?
a. Medical prescriptions costing $20 paid by credit card (medical expenses already exceed the 10% of AGI floor).
b. Prepaid interest (not related to points) of $200 on a residential loan.
c. Taxpayer borrows $300 from the bank to make a charitable contribution. The $300 is paid to the charitable organization before the end of the tax year.
d. Taxpayer gives a note to his church indicating an intent to contribute $300.
e. A calendar-year individual mails a check for $200 to his church on December 31. The check is postmarked December 31 and clears the bank on January 4.
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Federal Taxation 2016 Comprehensive

ISBN: 9780134104379

29th Edition

Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson

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