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Are any of the following items deductible on an individuals income tax return? If so, is the item deductible for or from AGI? Explain your
Are any of the following items deductible on an individuals income tax return? If so, is the item deductible for or from AGI? Explain your answer to each item: a. Payment of a $100 speeding fine related to the individuals Schedule C business. b. A cost of $345 for having a federal income tax return prepared by a CPA. c. A legal fee of $2,500 for estate planning advice of which 50% was related to tax planning advice.
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