Problem #1 (10 Points) Austin, a single individual incurred and paid the following expenses during the year: 24,000 2,000 1,000 4,500 Alimony (agreement entered prior to 2017) Charitable contributions Casualty loss - in designated Federally declared disaster area (after $100 floor) Mortgage interest on personal residence State income taxes Business Bad Debt Contribution to a traditional IRA ---- Capital Loss Property Taxes 4,200 2,500 4.000 2,000 3,500 From the list above calculate and list Austin's deductions for AGI. Alimony Moving Expenses Contribution From the list above calculate and list Austin's deductions from AGI(without 10% limitation). Problem #2 (10 Points) ULV Pizza Cafe, an unincorporated entity, paid of $51,000 during the year for investigating the purchase of a liquor store business. After purchasing the liquor store business determine the following: a. Determine the amount of the section 195 immediate deduction available. b. Determine the remaining amount that is amortized and the amortized deduction for the year. Problem #1 (10 Points) Austin, a single individual incurred and paid the following expenses during the year: 24,000 2,000 1,000 4,500 Alimony (agreement entered prior to 2017) Charitable contributions Casualty loss - in designated Federally declared disaster area (after $100 floor) Mortgage interest on personal residence State income taxes Business Bad Debt Contribution to a traditional IRA ---- Capital Loss Property Taxes 4,200 2,500 4.000 2,000 3,500 From the list above calculate and list Austin's deductions for AGI. Alimony Moving Expenses Contribution From the list above calculate and list Austin's deductions from AGI(without 10% limitation). Problem #2 (10 Points) ULV Pizza Cafe, an unincorporated entity, paid of $51,000 during the year for investigating the purchase of a liquor store business. After purchasing the liquor store business determine the following: a. Determine the amount of the section 195 immediate deduction available. b. Determine the remaining amount that is amortized and the amortized deduction for the year