Question 1. Mr.Cox is a passionate stamp collector. His collection is so valuable that he keeps it in a safety deposit box in a local bank, which charges him $25 a month. Can he deduct this expense? Explain.
Question 2. People frequently hold garage sales to sell used appliances, old furniture and clothing, books, toys, and other personal goods. Should these people recognize the cash proceeds from such sales as taxable income? Explain.