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Cory Incurred and Paid the Following Expenses

Question 134

Multiple Choice

Cory incurred and paid the following expenses:
Tax return preparation fee
$ 600
Moving expenses
2,000
Investment expenses
500
Expenses associated with rental property
1,500
Interest expense associated with loan to finance tax-exempt bonds
400

Calculate the amount that Cory can deduct (before any percentage limitations) .


A) $5,000.
B) $4,600.
C) $3,000.
D) $1,500.
E) None of the above.

Correct Answer:

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