Phillip Developed Hip Problems and Was Unable to Climb the Stairs

question 71

Multiple Choice

Phillip 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.Phillip's AGI for the year was $100,000.How much of these expenditures can Phillip deduct as a medical expense?

• A)$14,000.
• B)$15,000.
• C)$21,500.
• D)$29,000.
• E)None of the above.

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Definitions:

Market for Shrimp

The global marketplace where buyers and sellers trade shrimp, influenced by factors like quality, supply, demand, and seasonal trends.

Price Ceiling

A legal maximum price that can be charged for a good or service, above which it cannot be sold.

Black Market

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Economic activities that occur outside of the formal economy and are not reported to government agencies, often to avoid taxes or regulation.