Question: QUESTION 45 Phillip, age 66, developed hip problems and was unable to climb the stairs to reach his second-floor bedroom. His physician advised him to

QUESTION 45

  1. Phillip, age 66, developed hip problems and was unable to climb the stairs to reach his second-floor bedroom. His physician advised him to add a first-floor bedroom to his home. The cost of constructing the room was $32,000. The increase in the value of the residence as a result of the room addition was determined to be $17,000. In addition, Phillip paid the contractor $5,500 to construct an entrance ramp to his home and $8,500 to widen the hallways to accommodate his wheelchair. Phillips AGI for 2019 was $75,000. Phillip has no other medical expenses in 2019. How much of these expenditures can Phillip deduct as a medical expense in 2019?

    a.

    $14,000
    b.

    $23,375
    c.

    $15,000
    d.

    $29,000

QUESTION 46

  1. Ben sells stock (adjusted basis of $25,000) to his son, Ray, for its fair market value of $15,000. Ray subsequently sells it for $26,000. Bens recognized loss is $0 and Ray's recognized gain is $1,000 ($26,000 $15,000 $10,000).

    True

    False

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