For each of the follwing tems, select from the list provided the appropiale tax
ID: 376140 • Letter: F
Question
For each of the follwing tems, select from the list provided the appropiale tax treament for Beth Page. A choice used once, more than once, or not at all. Transaction Answer Choices 1. For 2015, Page had a $30,000 cash charitable contribution carryover from her 2014 cash donation to the American Red Cross. Page made no additional charitable contributions in 2014. A) Not deductible on Form 1040 B) Deductible in full on Schedule A C) Deductible on Schedule A- Itemized Deductions 2. During 2015, Page had investment interest expense of $1,000. This amount did not exceed her net investment income Itemized Deductions subject to a limitation of 50% of adjusted gross income 3. For 2015, Page pald $1,500 to an unrelated person to care for her son while she worked. D) Deductible on Schedule A- Itemized Deductions as miscellaneous deduction subject to a threshold of 2% of adjusted gross income 4. In 2015, Page paid $4,000 Interest on the $60,000 acquisition mortgage of her principal residence. The mortgage is secured by Page's home. Page received a Form 1098 listing the interest she paid E) Deductible on ScheduleE- Supplemental Income and Loss F) A credit is allowableExplanation / Answer
1. the total amount is deductible as per schedule A- only if the charitable trust have given a writen statement that the value of fund and the donor name etc. hence it is totally it is deductable as per item wise. so B is applicable.
2. the amount is fully deducatble as per form 4952, when the interest received from the investments and the interest paid on borrows is higher or equal. in the given case the iterest paid is more than what he receives. hence the total amount is deducatble. B is suitable.
3. this is applicable to C.
4. this is applicable E
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