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Unformatted text preview: application of the subject matter, your ability to organize and present such knowledge will also be considered. Show your work and label computations for partial credit. Make sure that you answer each part of the question. You must turn in your exam no later than 8:50 p.m. Allocate your time wisely. Good Luck! You may need the following tax information which relates to 2008: Personal exemptions are $3,500 each. The standard deduction on a joint return is $10,900. Itemized deductions are reduced by 3% of AGI over $159,950. The maximum Sec. 179 write-off is $250,000. The first-year depreciation rate for 7-year property is14.29%. The $25,000 limit for rental losses is reduced by 50% of AGI over $100,000. The percentage for computing the domestic production activities deduction is 6%...
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This note was uploaded on 03/03/2010 for the course ACG 6845 taught by Professor Kelliher during the Fall '09 term at University of Central Florida.
- Fall '09