22.Personal expenditures that are deductible as itemized deductions include medical expenses,

Federal income taxes,state income taxes, property taxes on a personal residence, mortgage interest,

and charitable contributions.

a. True

b. False

23. Which of the following is not allowed as an itemized deduction?

a. Cash donation to a church.

b. Interest expense on a $800,000 loan incurred in 2016 to buy a principal residence.

c. A subscription to the Wall Street Journal to help with personal investment decisions.

d. Gambling losses to the extent of gambling winnings.

e. All are allowed as itemized deductions

24.The election to itemize is appropriate when total itemized deductions are less than the standard

deduction based on the taxpayers filing status.

a. True

b. False

25.The Regulation section of the CPA exam is approximately 80% Taxation and 20% Law & Professional Responsibilities.

a. True

b. False