In the 2018 tax year, Michelle paid the following amounts relating to her 2016 tax return: Tax
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In the 2018 tax year, Michelle paid the following amounts relating to her 2016 tax return:
Tax deficiency..........................................................$5,000
Negligence penalty...................................................1,000
Interest..........................................................................500
Underpayment of estimated tax penalty..................350
Which of the above items may be deducted on Michelle’s 2018 individual income tax return? Explain.
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Related Book For
Income Tax Fundamentals 2019
ISBN: 9781337703062
37th Edition
Authors: Gerald E. Whittenburg, Steven Gill
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