A Review of the 2015 Tax File of Gregory, a Single

question 21

Multiple Choice

A review of the 2015 tax file of Gregory, a single taxpayer who is age 40, provides the following information regarding Gregory's 2015 tax status: In 2016, Gregory receives a reimbursement for last year's medical expenses of $1,200. As a result, Gregory must

• A) include $200 in gross income for 2016.
• B) include $1,200 in gross income for 2016.
• C) reduce 2016's medical expenses by $1,200.
• D) amend the 2015 return.

Distinguish between on-the-run and off-the-run bonds and their yield implications.

Understand the concepts of reinvestment risk and yield to maturity calculations.

Interpret financial data to anticipate market movements and interest rate changes.

Understand various theories related to the determination of interest rates and their implications.

---

Definitions:

Donald Trump

The 45th President of the United States, serving from January 2017 to January 2021, known for his business background, controversial policies, and significant impact on American politics.

Lawrence v. Texas

A landmark 2003 Supreme Court decision that struck down sodomy laws in the US, advancing LGBTQ rights.

National Security Agency

A U.S. government agency responsible for global monitoring, collection, and processing of information and data for foreign intelligence and counterintelligence purposes.

Edward Snowden

A former National Security Agency contractor who disclosed to the public extensive internet and phone surveillance by US intelligence.