Multiple Choice
Marsha is single,had gross income of $50,000,and incurred the following expenses:
Charitable contribution
$2,000
Taxes and interest on home
7,000
Legal fees incurred in a tax dispute
1,000
Medical expenses
3,000
Penalty on early withdrawal of savings
250
Her AGI is:
A) $39,750
B) $49,750.
C) $40,000.
D) $39,750.
E) None of the above.
Correct Answer:

Verified
Correct Answer:
Verified
Q6: Ordinary and necessary business expenses, other than
Q47: Tom operates an illegal drug-running operation and
Q51: Robyn rents her beach house for 60
Q57: Aaron, a shareholder-employee of Pigeon, Inc., receives
Q72: Which of the following can be claimed
Q87: Under what circumstances may a taxpayer deduct
Q91: If an item such as property taxes
Q91: If a vacation home is classified as
Q106: Can a trade or business expense be
Q139: Briefly discuss the disallowance of deductions for