1) Which of the following taxes can be deducted?

Federal Income Tax

Personal Property Tax

State & Local Inheritance Taxes

Non-business gasoline tax.

2) What is the maximum itemized deduction on student loan interest for a married filing jointly couple?

5000

2,500

2,000

0

3) Spencer & Daisy are married and have a combined AGI of $55,000. They donated a sofa, which they purchased for $1000 and is now worth $500, to a halfway house. To a charitable organization for their auction, Spencer & Daisy donated a painting which they purchased for $1000 and is now worth $10,000. They also gave a cash donation of $2500 for research to the Alzheimers Association. What amount of their contributions are classified as ordinary income property?

2500

4000

13,500

13,000

4) Bob Barker decided to donate some Apple stock that has a current FMV of $50,000 and he purchased it for $30,000 10 years ago. What is the percentage limitation of AGI?

10%

101%

30%

50%