quiz 6 and 7 - PRACTICE QUIZ CHAPTERS 6 and 7 1) Van pays...

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PRACTICE QUIZ CHAPTERS 6 and 7 1) Van pays the following medical expenses this year $500 for doctor bills for Van's son who is claimed as a dependent by Van's former spouse. $300 for Van's eyeglasses. $900 for Van's dental work. $800 for Van's face lift. Van, a newscaster, is worried about the wrinkles around his eyes. How much can Van include on his return as qualified medical expenses before limitation? a. $1,200 b. $1,400 c. $1,700 d. $2,500 2) Matt paid the following taxes: Real estate taxes on rental property he owns $4,000 Real estate taxes on his own residence 3,500 Federal income taxes 7,000 State income taxes 2,500 Local city income taxes 500 State sales taxes 700 What amount can Matt deduct as an itemized deduction on his tax return? a. $6,500 b. $7,200 c. $10,500 d. $17,500 3) Which of the following is deductible as interest expense? a. Personal credit card interest. b. Interest to purchase taxexempt bonds. c. Bank service charges on personal account. d. Charge for late payment on utility bill incurred in a trade or business. 4) Tom made the following donations in the current year:
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This note was uploaded on 02/25/2010 for the course ACCT 5330 taught by Professor Bob during the Spring '10 term at University of Arizona- Tucson.

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quiz 6 and 7 - PRACTICE QUIZ CHAPTERS 6 and 7 1) Van pays...

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