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Author Question: On July 31 of the current year, Marjorie borrows $120,000 to purchase a new fishing boat. The loan ... (Read 71 times)

casperchen82

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on: Sep 13, 2020

Question 1

Nina includes the following expenses in her miscellaneous itemized deductions before application of the 2% of AGI floor:



Nina's AGI is $100,000. How much of the above-noted expenses will reduce her net investment income?
◦ $4,000
◦ $5,500
◦ $3,000
◦ $3,500

Question 2

On July 31 of the current year, Marjorie borrows $120,000 to purchase a new fishing boat. The loan is secured by her personal residence. On the date of the loan, the outstanding balance on the original debt incurred to purchase the residence is $300,000 and the FMV of the home is $450,000. What is the total amount of debt on which Marjorie can deduct interest in the current year?
◦ $300,000
◦ $400,000
◦ $420,000
◦ $450,000
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by casperchen82 on Sep 13, 2020

Jadwiga9

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Reply #1 on: Sep 13, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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casperchen82

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Reply 2 on: Sep 13, 2020
YES! Correct, THANKS for helping me on my review

jomama

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Reply 3 on: Yesterday
:D TYSM

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