The GST (Generation Shin-i- eucess p dr Tax) imposed on . 10) 2017, Charles has gross income of $80,000 of deductible business 10) Charles is a single person, age 35, with no dependents, In 2017 73000 fom his expenses in connection with his proprietorship. He has interest and dividernd income of 52200Charles has no itemted deductions. Oarles's taxable income is A) $10680 C) $12.950 B) $17,000 n, Lil, who i, "ingh lives in . single family home and owns a second single family home that she rented for the entine year at a fair rental rate. Liz had the following items of income and espense during the current year Encome 13,000 Rent received from tenant in Liz's rental hosuse Expenses: NTptions to newsletters recommending stocks axes, interest and repair expenses on rental house ion expense on rental house 2.300 What is her adjusted gross income for the year? A) $68,000 $62,200 B) $52,700 C) $61,100 TRUE/FALSE. Write T if the statement is true and F' if the statement is false. 12) A sole proprietor paid legal fees in connection with the acquisition of a building The sole proprietor can deduct the legal fees for AGI 12) that he uses in 13) In order for an expense to be ordinary, it must be reasonable in amount and it must bear a reasonable and proximate relationship to the income-producing activity or property 13) MULTIPLE CHOICE Choose the one alternative that best completes the statement or answers the question. 14) Leigh pays the following legal and accounting fees during the year: Legal fees in connection with a contract dispute in her trade or business $8,800 tax 4,000 Tax return preparation Tax return preparation fees: Allocable to Schedule C fees: Allocable to Schedules A and B 1,000 1,200 l fees to a 5,000 What is the total amount of her for AGI deduction for these fees? A) $10,800 B) $15,000 C) $20,000 D) $14,000 tgage 2,200