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Need the answers for questions 14,15,16 and 17 Roland uses the cash method of accounting and lives in a state that imposes an income tax(including

Need the answers for questions 14,15,16 and 17 image text in transcribed
Roland uses the cash method of accounting and lives in a state that imposes an income tax(including withholding from wages). On April 14, 2016, he files his state return for 2015, paying an additional $400 in state income taxes. During 2016, his withholdings for state income tax purposes amount to $3, 900. On April 13, 2017, he files his state return for 2015 claiming a refund of $600. Roland receives the refund on August 3, 2017. If Roland itemizes deductions, how much may he claim as a deduction for state income taxes on his Federal return for calendar year 2016 (filled in April 2017)? a. $4, 300. b. $3, 700. c. $3, 900. d. $3, 300. e. None of the above. Clark is married and files a joint tax return for 2016. Clark has investment interest expense of $95,000 for a loan made to him in 2009 to purchase a parcel of unimproved land. His income from investments (interest only) totaled $15,000. Calculate Clark' s investment interest deduction for 2016. a. $95,000. b. $15,000. c. $13, 900. d. $18,000. e. None of the above. During 2016, Florence paid the following interest charges: Hose mortgage $3, 100 On loan to purchase a new car 350 On loan to purchase state of Indiana general purpose bonds (wholly tax-exempt) 700 If Florence itemizes her deductions for 2016, the amount deductible as interest expense is: a. $4, 150. b. $3, 800. c. $3, 100. d. $3, 450. e. None of the above. Matt owned stock in White Corporation that he donated to a university (a qualified charitable organization) on May 1, 2016. What is the amount of Matt' s deduction assuming that he had purchased the stock for $3, 500 on March 3, 2016, and the stock had a value of $4, 600 when he made the donation? a. $1, 100. b. $4, 600. c. $4, 050. d. $3, 500. e. None of the above

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