ACCTG 405 HW 2 - 4,900 Cash isn’t property Total Loss 40,800 Less(10 x $80,000(8,000 It Ca Loss Deduction $32,800 CH 10 46 Medical

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31. a. 5,200 + 300 = 5,500 so SD = 5,450 b. 3,600 + 300 = 3,900 c. 700 + 300 = 1,000 d. 500 + 300 = 800 so SD = 900 e. 2,000 + 300 = 2,300 + 1,350 = 3,350 32. a. QC b. B c. QR d. QR e. QR f. N g. QR h. QC i. B j. QR 43. 1,900 + 2,400 = 4,300 – 900 = 3,400 X 10% = Kiddie Tax 340 CH 6 4. a. For AGI b. From AGI c. For AGI d. From AGI e. Not deductible 5. a. For AGI b. Not deductible c. For AGI d. From AGI e. For AGI f. From AGI CH 7 37. 10,000 – 3,000 - 100 = 6,900 30,000 – 100 = 29,000 7,000 – 2,000 - 100 =
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Unformatted text preview: 4,900 Cash isn’t property Total Loss: 40,800 Less: (10% x $80,000) (8,000) It. Ca. Loss Deduction: $32,800 CH 10 46. Medical Expenses (25,890 – 20,242.50) 5,647.50 Casualty Loss (29,190 – 26,990) 2,200 Interest on home mortgage 10,150 Interest on credit cards X Property taxes on home 14,800 Charitable Contributions 19,050 State Income tax 16,500 Tax return filing fees 1,800___ Total Itemized Deductions $70,147.50...
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This note was uploaded on 09/16/2009 for the course ACCTG 405 taught by Professor Enis during the Spring '08 term at Pennsylvania State University, University Park.

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ACCTG 405 HW 2 - 4,900 Cash isn’t property Total Loss 40,800 Less(10 x $80,000(8,000 It Ca Loss Deduction $32,800 CH 10 46 Medical

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