Valentino is a patient in a nursing home for 45 days of 2016. While in the nursing
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Valentino is a patient in a nursing home for 45 days of 2016. 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 daily federal statutory amount for Valentino is $340.
Of the $15,000, what amount may Valentino exclude from his gross income?
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Related Book For
South Western Federal Taxation 2017 Comprehensive
ISBN: 9781305874169
40th Edition
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young
Question Posted:
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