1. A taxpayer wishes to take a deduction for a worthless debt. Without proper documentation, the taxpayer faces the risk that the IRS will assert that

A. the debt became worthless in an earlier period, and the statute of limitations prevents the taxpayer from amending that earlier return.

B. the debt is not yet worthless, disallowing the deduction

C. both of the above.

D. none of the above.

2. During the current year, Deborah Baronne, a single individual, paid the following amounts:

Federal income tax	$10,000
State income tax	$4,000
Real estate taxes or land in France	$1,500
Real estate taxes or land in U.S.	$1,700
State sales taxes	$2,000
State occupational license fee	$600

How much can Deborah deduct in taxes as itemized deductions?

3. Phoebe's AGI for the current year is $140,000. Included in this AGI is $100,000 salary, $20,000 of interest income earned on bank accounts, $12.000 of dividend income, a short-term capital gain of $2,000 and a long-term capital gain of $6,000. In earning the investment income, Phoebe paid investment interest expense of $30,000.

What is Phoebe's investment interest expense deduction for the year, assuming no special elections are made?

4. Wes owned a business which was destroyed by fire in May 2019. Details of his losses follow:

Asset	Adj. Basis	FMV Before	FMV After	Insurance Reimbursement
A	$1,000	$2,000	$0	$2,000
B	$15,000	$10,000	$3,000	$2,000
C	$2,400	$5,000	$2,500	$1,000

His AGI without consideration of the casualty is $45,000.

What is Wes's net casualty loss deduction for 2019?