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Valentino is a patient in a nursing home for 45 days of 2022. While in the nursing home, he incurs

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Valentino is a patient in a nursing home for 45 days of 2022. While in the nursing home, he incurs total costs of $13,500. Medicare pays $8,000 of the costs. Valentino receives $15,000 from his long-term care insurance policy, which pays while he is in the facility. Assume that the Federal daily excludible amount for Valentino is $390. Of the $15,000, what amount may Valentino exclude from his gross income?

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Related Book For  answer-question
South Western Federal Taxation 2023 Comprehensive Volume

South Western Federal Taxation 2023 Comprehensive Volume

ISBN: 9780357719688

46th Edition

Authors: Annette Nellen, Andrew D. Cuccia, Mark Persellin, James C. Young

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Question Details
Chapter # 5- The Deduction for Qualified Business Income for Noncorporate Taxpayers
Section: Discussion Questions
Problem: 20
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Question Posted: September 24, 2023 07:29:08
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