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Unformatted text preview: Salary $45,000 Interest 800 Dividends 500 Rental income 3,500 6-29 1. Stock loss—Yes; an itemized deduction 2. Hobby loss— Yes; an itemized deduction 3. Gambling losses--Not deductible. 4. Loss on sale of stock in individual’s investment portfolio Yes; an itemized deduction 5. Not deductible; unrealized loss 6. Loss on sale of personal automobile--not deductible. 6-34 1 Submitted By: Shameika Brown As a general rule a taxpayer is not permitted to deduct the payment of expenses incurred by another taxpayer, thus the father can not deduct the interest expense that he paid for his son. 2...
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This note was uploaded on 03/19/2010 for the course FI 515 FI 515 taught by Professor Senn during the Spring '10 term at Keller Graduate School of Management.
- Spring '10