Question
6. This year Amanda paid $749 in Federal gift taxes on a gratuitous transfer to her nephew. Amanda lives in Texas and does not pay
6. This year Amanda paid $749 in Federal gift taxes on a gratuitous transfer to her nephew.
Amanda lives in Texas and does not pay any state or local income taxes. Which of the following is a true statement?
A. Amanda cannot deduct Federal gift taxes.
B. Amanda can deduct Federal gift taxes for AGI.
C. Amanda can deduct Federal gift taxes paid as an itemized deduction.
D. Amanda must include Federal gift taxes with other miscellaneous itemized deductions.
E. None of these is true.
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Wiley CIA Exam Review Test Bank Part 1 Essentials Of Internal Auditing
Authors: S. Rao Vallabhaneni
1st Edition
1119987237, 978-1119987239
