In december 2017, todd, a cash basis taxpayer, paid $1,200 of fire insurance premiums for the calendar year 2018 on a building he held for rental income. todd deducted the $1,200 of insurance premiums on his 2017 tax return. he had $150,000 of taxable income that year. on june 30, 2018, he sold the building and, as a result, received a $500 refund on his fire insurance premiums. as a result of the above: a. todd should amend his 2017 return and claim $500 less insurance expense. b. todd should include the $500 in 2018 gross income in accordance with the tax benefit rule. c. todd should add the $500 to his sales proceeds from the building. d. todd should include the $500 in 2018 gross income in accordance with the claim of right doctrine. e. none of these.

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2. the language of price controls consider the market for rental cars. suppose that, in a competitive market without government regulations, the equilibrium price of rental cars is $58 per day, and employees at car rental companies earn $19.50 per hour. complete the following table by indicating whether each of the statements is an example of a price ceiling or a price floor and whether it results in a shortage or a surplus or has no effect on the price and quantity that prevail in the market. statement price control effect there are many teenagers who would like to work at car rental companies, but the minimum-wage law sets the hourly wage at $23.00. the government has instituted a legal minimum price of $87 per day for rental cars. the government prohibits car rental companies from renting out rental cars for more than $87 per day.

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