1. In your "own" words, please describe what a "Suspended Loss" is, how it is generated and when it is becomes deductible.

2. Please describe "Active Participation" as it relates to a taxpayer's involvement in an investment in Real Estate.

3. Macy had a lot of medical expenses this year that were not covered by her insurance (either due to a deductible, co-insurance, or co-pay). Her un-reimbursed qualifying medical expenses total $8,356 and her AGI for 2013 is $45,000. Assuming she will itemize on her 2013 tax return, how much of her medical expenses will she be able to deduct? (5 pts)

4.How much, if a Heather & Terry have a mortgage on their primary residence of $750,000 and a mortgage on their vacation home of $410,000. In 2013, they incurred $46,400 of mortgage interest expense. ny, of that interest is deductible on Schedule A?

1. Please describe the concept of "double taxation" and discuss which entity(ies) are subject to this type of taxation.

2. What type of taxpayers are considered "eligible" taxpayers with regard to special ordinary loss treatment of IRC Section 1244 stock?

3. Please describe how the treatment of capital gains(losses) differ for a C Corporation as compared to an Individual.

4. Please describe the concept of "Depreciation recapture".