Question
In the 2018 tax year, Michelle paid the following amounts relating to her 2016 tax return: Tax deficiency $5,000 Negligence penalty 1,000 Interest 500 Underpayment
In the 2018 tax year, Michelle paid the following amounts relating to her 2016 tax return: Tax deficiency $5,000 Negligence penalty 1,000 Interest 500 Underpayment of estimated tax penalty 350 Which of the above items may be deducted on Michelles 2018 individual income tax return?
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Intermediate Accounting
Authors: James D. Stice, Earl K. Stice, Fred Skousen
17th Edition
032459237X, 978-0324592375
