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Molly has generated general business credits over the years…

Molly has generated general business credits over the years that have not been utilized. The amounts generated and not utilized equal:  2020 $2,500 2021 7,500 2022 5,000 2023 4,000 ​ In the current year, 2024, her business generates an additional $15,000 general business credit. In 2024, based on her tax liability before credits, she can utilize a general business credit of up to $20,000. After utilizing the carryforwards and the current year credits, how much of the general business credit generated in 2024 is available for future years?

Sandra is single and does considerable business entertaining…

Sandra is single and does considerable business entertaining at home. Because Arthur, Sandra’s 80-year-old dependent grandfather who lived with Sandra, needs medical and nursing care, he moved to Twilight Nursing Home. During the year, Sandra made the following payments on behalf of Arthur: Room at Twilight $4,500 Meals for Arthur at Twilight 850 Doctor and nurse fees 700 Cable TV service for Arthur’s room     107 Total $6,157 ​ Twilight has medical staff in residence. Disregarding the AGI floor, how much, if any, of these expenses qualify for a medical deduction by Sandra?

Darnell, age 50, is employed as an actuary. For calendar yea…

Darnell, age 50, is employed as an actuary. For calendar year 2024, he had AGI of $130,000 and paid the following medical expenses: Medical insurance premiums $5,300 Doctor and dentist bills for Derrick and Jane (Darnell’s parents) 7,900 Doctor and dentist bills for Darnell 5,100 Prescribed medicines for Darnell 830 Nonprescribed insulin for Darnell 960 Derrick and Jane would qualify as Darnell’s dependents except that they file a joint return. Darnell’s medical insurance policy does not cover them. Darnell filed a claim for $4,800 of his own expenses with his insurance company in November 2024 and received the reimbursement in January 2025. What is Darnell’s maximum allowable medical expense deduction for 2024?