22. Margaret Lindley paid $15,060 of interest on her $300,600 acquisition debt for her home (fair market value of $500,600), $4,060 of interest on her $30,060 home-equity loan, $1,060 of credit card interest, and $3,060 of margin interest for the purchase of stock. Assume that Margaret Lindley has $10,060 of interest income this year and no investment expenses. How much of the interest expense may she deduct this year?

Multiple Choice

$22,180.

$19,120.

None of the choices are correct.

$23,240.

$18,120.

23. Grace is employed as the manager of a sandwich shop. This year she earned a salary of $45,800 and incurred the following expenses associated with her employment:

Subscriptions to food publications	$380
Cooking class (How to make better subs)	330
Transportation between Graces home and the shop	620

What amount of miscellaneous itemized deductions can Grace claim on Schedule A if these are her only miscellaneous itemized deductions?

Multiple Choice

$1,330.

$710.

None of the choices are correct.

$190.

$240 if Grace was reimbursed $90 for her cooking class.