30. For a taxpayer with adjusted gross income of $56,000, private mortgage insurance (PMI) is deductible in 2016. (Points : 1)

True False

Question 31.31. Which of the following types of interest are not likely to be deductible in 2016? (Points : 1)

Interest on personal credit cards Interest on a $40,000 home equity line used to buy a car Interest on a $150,000 mortgage on a principle residence Private mortgage insurance premiums All of the above are likely to be deductible

33. Dongkuk uses his holiday bonus to pay his January 2017 mortgage payment in December 2016. The payment would normally be due January 31st. Dongkuk may deduct the interest paid as part of the early mortgage payment.? (Points : 1)

True False

Question 34.34. Richie Rominey purchases a new $4.3 million qualified principal residence in Palo Alto, CA using a mortgage loan of $3 million. Richie's mortgage interest deduction may be limited. (Points : 1)

True False

Question 35.35. Perry Mayson, a single taxpayer, graduated law school last year with quite a bit of qualified student loan debt & ends up paying $4,300 in interest on the loan in the current tax year. Fortunately, Perry is well compensated & earns adjusted gross income of $85,000 during the current year. Perry may deduct his student loan interest in the current year. (Points : 1)

True False