Upload - 1. On Form 1040, deductions for adjusted gross...

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1. On Form 1040, deductions for adjusted gross income include the amounts paid for all of the following except Student Response Value Correct Answer Feedback A. home mortgage interest. 100% Home mortgage interest is an itemized deduction or deduction from AGI. B. student loan interest. 0% C. alimony. 0% D. moving expenses. 0% Score: 1/1 Comments: 2. Deductions for adjusted gross income include all of the following except Score: 1/1
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Comments: 3. Self-employed individuals may claim, as a deduction for adjusted gross income, 50 percent of their Score: 1/1 Comments: 4. Charles is a single person, age 35, with no dependents. In 2010, Charles has gross income of $75,000 from his sole proprietorship. Charles also incurs $80,000 of deductible business expenses in connection with his proprietorship. He has interest and dividend income of $22,000. Charles has no itemized deductions. Charles's taxable income is
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Score: 1/1 Comments: 5. In 2010, Sean, who is single and age 44, received $55,000 of gross income and had $5,000 of deductions for AGI and $4,600 of itemized deductions. Sean's taxable income is Score: 1/1 Comments: 6. In 2010, Venkat, who is single and age 37, received $60,000 of gross income and had $6,000 of itemized deductions. Venkat's taxable income is
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Score: 1/1 Comments: 7. Liz, who is single, lives in a single family home and owns a second single family home that she rented for the entire year at a fair rental rate. Liz had the following items of income and expense during the current year. Income: Gross salary and commissions from Ace Corporation $50,000 Rent received from tenant in Liz's rental house 13,000 Dividends received on her portfolio of stocks 5,000 Expenses: Unreimbursed professional dues 200 Subscriptions to newsletters recommending stocks 900 Taxes, interest and repair expenses on rental house 3,500 Depreciation expense on rental house 2,300 What is her adjusted gross income for the year? Score: 1/1 Comments:
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8. Deductions for AGI may be located Score: 1/1 Comments: 9. To be tax deductible, an expense must be all of the following except Score: 1/1 Comments:
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10. Which of the following is not required for an expenditure to be deductible as a business or investment expense? Score: 1/1 Comments: 11. Which of the following expenditures is tax deductible? Score: 1/1 Comments: 12.
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Maria pays the following legal and accounting fees during the year: Legal fees in connection with trade or business $4,000 Legal fees related to purchase of personal residence 2,600 Legal fees related to tax deficiency related to Schedule A itemized deductions 500 Tax return preparation fees: Allocable to preparation of Schedule C 2,000 Allocable to preparation of remainder of return 2,100 What is the total amount of her for AGI deduction for these fees? Score:
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This note was uploaded on 07/21/2011 for the course ACCT 450 taught by Professor Fisher during the Spring '11 term at UNC Charlotte.

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Upload - 1. On Form 1040, deductions for adjusted gross...

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