Chapter 6 - Problem 6-34 a b c d Problem 6-35 a b c Problem...

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Problem 6-34 a. b. c. d. Problem 6-35 a. b. c. Problem 6-37 a. b. Problem 6-39 a. b. Description Amount 1)Modified AGI 2)Interest paid ≤ $2,500 3)Phaseout %: [(1) – 60K]/15K
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4)Phaseout amount: (2) x (3) Deductible interest: (2) – (4) c. Description Amount 1)Modified AGI 2)Interest paid ≤ $2,500 3)Phaseout %: [(1) – 60K]/15K 4)Phaseout amount: (2) x (3) Deductible interest: (2) – (4) Problem 6-39(d) Problem 6-42 a. b. c. d. e. f.
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Problem 6-44 Description Amount 1)Total expenses 2)Hobby revenue limitation 3)2% AGI floor limitation: Problem 6-45 a. Description Amount 1)Total qualified expenses 2)7.5% AGI Allowable deduction: 1-2
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b. Description Amount 1)Total qualified expenses 2)7.5% AGI Allowable deduction: 1-2 Problem 6-48 a. Description Deduct. State inheritance tax on land County real estate tax on land School district tax on land City special assessment on land State tax on airline tickets Local hotel tax
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Problem 6-48, cont. b. Description Deduct. State inheritance tax on land County real estate tax on land School district tax on land
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