6. (TCOs 3, 4, 5, & 7) Which of the following is a deduction for AGI? (Points :

Question

6. (TCOs 3, 4, 5, & 7) Which of the following is a deduction for AGI? (Points : 5)

       Casualty losses
       Charitable contributions
       Real estate tax on personal residence
       Qualified tuition expense
       None of the above

7. (TCOs 3, 4, 5, & 7) During 2011, Doris paid the following interest charges:

Home mortgage

$6,000

On loan to purchase a new car

$1,500

On student loan

$800

If Doris itemizes her deductions for 2011, then the amount deductible for interest expense as an itemized deduction is: (Points : 5)

       $1,500.
       $6,000.
       $7,500.
       $8,300.
       None of the above

8. (TCOs 3, 4, 5, & 7) In the current year, Galaxy Corporation, a closely held C corporation that is not a personal service corporation, has $80,000 of passive losses, $60,000 of active business income, and $10,000 of portfolio income. How much of the passive loss may Galaxy deduct in the current year? (Points : 5)

       $0
       $10,000
       $60,000
       $70,000
       None of the above

6. (TCOs 3, 4, 5, & 7) Which of the following is a deduction for AGI? (Points : 5)

       Casualty losses
       Charitable contributions
       Real estate tax on personal residence
       Qualified tuition expense
       None of the above

Explanation / Answer

6) casualty losses
7) 7500
8) 70000

Related Questions

Navigate

• Browse (All)
• Browse 6
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.