Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Richard is self-employed and uses the cash method. This year Richard paid $6,400 to the bank for 12 months of interest accruing on a business
Richard is self-employed and uses the cash method. This year Richard paid $6,400 to the bank for 12 months of interest accruing on a business loan starting from June 1st of this year and $6,000 for 12 months of property insurance beginning on July 1st of this year. What is the maximum amount Richard can deduct this year? O A. $12,400 O B. $9,200 OC. $9,733 O D. $6,000 O E. $6,400 During the year, Mondeo (age 15) received $2.100 from a corporate bond. He also received $700 from a savings account established for him by his parents. Mondeo lives with his parents and he is their dependent. What is Mondeo's taxable income? Standard deduction for person claimed as a dependent on another's tax return is $1.100. O A. SO O B. $1,700 O C. $1,800 O D. $2.200 O E. $2.800 Richard is self-employed and uses the cash method. This year Richard paid $6,400 to the bank for 12 months of interest accruing on a business loan starting from June 1st of this year and $6,000 for 12 months of property insurance beginning on July 1st of this year. What is the maximum amount Richard can deduct this year? O A. $12,400 O B. $9,200 OC. $9,733 O D. $6,000 O E. $6,400 During the year, Mondeo (age 15) received $2.100 from a corporate bond. He also received $700 from a savings account established for him by his parents. Mondeo lives with his parents and he is their dependent. What is Mondeo's taxable income? Standard deduction for person claimed as a dependent on another's tax return is $1.100. O A. SO O B. $1,700 O C. $1,800 O D. $2.200 O E. $2.800
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started