Which of the following taxes can be deducted?

Question 1 options:

	Federal Income Tax
	Personal Property Tax
	State and Local Inheritance Tax
	Non-business Gasoline Tax

Question 2

What is the maximum itemized deduction on student loan interest for a married filing jointly couple?

Question 2 options:

	$5,000
	$2,500
	$2,000
	$0

Question 3

Bob Barker decided to donate some Apple stock that has a current FMV of $50,000 and he purchased it for $30,000 10 years ago. What is the percentage limitation of AGI?

Question 3 options:

	10%
	101%
	30%
	50%

Question 4

Bill takes 8 credits in the quarter system. He is 25 years old and lives with his mother. He made $3,900 from a Hearthstone video game tournament. Yes, he is that good.

1. Bills mother can claim him as a dependent as a qualifying child.
2. Bills mother can claim him as a dependent as a qualifying relative.

Question 4 options:

	Only I is true.
	Only II is true.
	Both are true.
	Neither is true.

Question 5

Gwen and Blake havent sold records in two years. As a result, they got real jobs, got married, and had one child. Their child is two years old and goes to daycare while they work. Their qualified child care expenses for the year total $4,000 and their AGI is $35,000. What is the amount of the tax credit for dependent care they will take?

Question 5 options:

	$0
	$600
	$750
	$800
	$1,000
	$1,050
	$1,400
	$3,000

Question 6

Donald has an AGI of $40,000. He made a donation to a charity for $20,000 worth of securities that he purchased for $10,000 2 years ago. How much can he deduct in the current year and carry forward?

Question 6 options:

	Current = 20,000, Carryforward = 0
	Current = 8,000, Carryforward = 12,000
	Current = 10,000, Carryforward = 10,000
	Current = 12,000, Carryforward = 8,000
	Current = 12,000, Carryforward = 0

Question 7

Doug has the following interest expenses:

1. Interest on mortgage of business building.
2. Interest on credit cards.
3. Student loan interest.

Which interest expense(s) is/are considered deductible?

Question 7 options:

	Statements I and III
	Statements I and II
	All Statements
	None of the Statements