In the 2012 tax year, Michelle paid the following amounts relating to her 2010 tax return: Tax
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In the 2012 tax year, Michelle paid the following amounts relating to her 2010 tax return:
Tax deficiency..........................................$5,000
Negligence penalty.......................................1,000
Interest......................................................500
Underpayment of estimated tax penalty ...............350
What amount of the above items may be deducted on Michelle's 2012 individual income tax return? $___________
Explain_______________________________________________________________________
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Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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