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1. 2. 3. Which of the following expenditures is an itemized (from AGI / below the line deduction) for individual taxpayers? a. charitable contributions. b.
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Which of the following expenditures is an itemized ("from" AGI / "below the line" deduction) for individual taxpayers? a. charitable contributions. b. state and local income taxes. c. moving expenses. d. Both a. and b. e. All the above. -In 2018, Lisa incurred the following employee business expenses: Meals $2,000 Lodging $4,000 Her employer reimburses her a total of $0 for all of these expenses under an accountable plan. Ignoring any floor based on percent of AGI, what is her deduction for these expenses? a. $1,250 b. $1,500 c. $5,000 d. $6,000 e. None of these Kenneth Kruise purchased a personal residence for $66,000. It had a fair market value of $80,000 in the current year when it was damaged by a fire. The fair market value after the fire was $40,000 and insurance proceeds totaled $15,000. What is the net amount of casualty loss he can claim if his adjusted gross income is $20,000? a. $11,000 b. $24,900 c. $8,500 d. $22,900 e. None of theseStep by Step Solution
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