Chapter 3 - Fall2009Chapter3:TaxFormulaandTaxEntities...

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   Points Possible  15  Points Earned  14  Points Missed  1  Points Ungraded  0  Score  93.3% 1. (T/F)  An increase in adjusted gross income can cause a decrease in certain otherwise allowable  itemized deductions. Response: FALSE Answer: TRUE  Points: 0 / 1 2. (T/F)  V is single. It is December 24, 2009. it appears that her itemized deductions for the year will  be $5,000. She is thinking about making a charitable contribution for this year of $100. Next year  she plans on buying a house and expects that she will pay a substantial amount of home mortgage  interest. V should make the contribution in 2009 rather than next year Response: FALSE Answer: FALSE  Points: 1 / 1 3. (T/F)  It is possible for a taxpayer who is a high income earner to lose all of his or her itemized  deductions (e.g., home mortgage interest, state income taxes, charitable contributions) due to the  1% cutback rule. Response: FALSE Answer: FALSE  Points: 1 / 1 4. The following represent elements of the tax formula for individual taxpayers:  A. Income from any source  B. Personal and dependency exemptions 
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Chapter 3 - Fall2009Chapter3:TaxFormulaandTaxEntities...

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