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Sharisma Suffered a Serious Stroke and Was Admitted to a Nursing

question 53

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Sharisma suffered a serious stroke and was admitted to a nursing home for 140 days.Nursing home charges,including physician fees and other related expenses were $63,000.Under Sharisma's long-term care insurance contract,she received reimbursements of $56,000.How much of the $56,000 reimbursement must be included in Sharisma's gross income in 2017?


Definitions:

Price Elasticity

Price elasticity quantifies how sensitive the demand or supply of a product is to variations in its price.

Sausages

Cylinder-shaped meat products usually made from ground meat, fat, salt, and spices, often encased in a skin.

Population

The total number of individuals or entities within a specific group or geographical area, often used in statistical and demographic analysis.

Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity of that good that sellers are willing and able to supply.

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