11.For the tax year 2019 you had $10,000 in state income tax expense and $20,000 of home mortgage interest expense and itemized your deductions instead of taking the $24,000 standard deduction. In 2020 the state sent you a refund of $8,000. How much of this is taxable, if any?

$10,000 None $6,000 None of the above

17. Your employer purchased 50,000 computers at a cost of $7,500,000 for resale to it's customers for $300 each. If it sells you a computer for $200, the amount you have to include in income is

$40 $150 None $200

23. During 2019, your vacation home located in a federally declared disaster area was partially destroyed. It had an adjusted basis of $50,000, a fair market value of $200,000 before the disaster and a fair market value after the disaster of $75,000. Insurance only paid $30,000 because of the high deductable. Your AGI for 2019 is $190,000. What is your casualty loss deduction for 2019?

50,000 900 95,000 125,000

24.You borrow $100,000 to buy municipal bonds. In 2019 you paid $10,000 of interest expense and made $12,000 of interest income. Th eamount of interest expense you can deduct is

10,000 2.000 None None of the above

28. On January 1, 2020 you invested $100,000 in an annuity that pays $13,500 on December 31 every year until you die. On the date you purchased the annuity the IRS table says you have 25 years left to live. When you receive your first payment on 12/31/2020, how much of the payment is taxable?.

4,000 13,500 9,500 None

30.You filed your 2019 Federal Income Tax Return on March 1 2020. Assuming no substantial understement of income or fraud exists, the statute of limitations on this return expires on

3/1/2023 3/1/2026 Never 10/15/2023 4/15/2023