2022 Federal/State Tax Practice Questions:

BRIEFLY answer questions 1-3

1. How is the definition of Income for tax purposes different from Generally accepted accounting principles? Be brief and to the point with respect to when earned and when recognized in the books of accounting. 2. What items can be deducted for AGI ? List three and do not discuss. 3. Student-Loan interest is a burden to newly employed graduates who are starting life. Required: Why is student loan interest of $2,500 deductible considered a burden to graduates