29. Which of the following items most resembles an interest free loanfrom the U.S. government?a.Student loan interest being deductedb.Travel expenses being deductedc.Amounts being deducted under Bonus Depreciation d.Unreimbursed employee business expenses being deducted
30.Which of the following statements is TRUE about Manju’s hobby activity?
31.What was Olga’s Taxable Income for 2013? Assume Olga is single and has THREE dependent children, Yaima, Alisha and Polina. Assume further that Olga’s 2013 AGI is $54,000 and that Olga had itemized deductions of $14,000.
32.What was Shala’s 2013 Net Operating Loss amount assuming that she had the following items listed on her income tax return?Business Income$52,000Interest income on personal investments$5,000Less: Business Expenses ($73,000)Less: Personal exemption ($3,900)Less: Nonbusiness deductions($7,000)