Question
1) Nicole earned a salary of $50,000 in 2015. She had losses of $12,000 in stock trades during the year. She will be able to
1) Nicole earned a salary of $50,000 in 2015. She had losses of $12,000 in stock trades during the year. She will be able to deduct all of the losses from her income on her 2015 tax return.
True or False
2)A corporation may deduct the interest it pays on its bonds as well as the dividend it pays on its stock.
True or False
3)Maya purchased a vacation home in 2015 for $400,000 with a $350,000 mortgage. She also owns a residence valued at $500,000, and has a $400,000 outstanding balance on the mortgage. Maya may deduct the entire interest on the two mortgages.
True or False
4)If you receive your paycheck on December 31, 2014, but do not deposit it until January 2, 2015, the income is taxable in the year 2015.
True or False
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