July and August a married couple file a joint tax return and they itemize deductions. During the current year, they incurred $3,000 in employment-related miscellaneous itemized deductions and $3,500 of investment interest expense. July and August’s income for the year includes $170,000 salary and $2,000 of interest income.
How much can the couple claim as investment interest expense for the year?
$3,000
$3,500
$2,000
$1,500
i no only a genius can answer this.. lets see who that is
Answers
Answered by
1
Explanation:
According to as a Indian tax payer
which type of investment. ?
only you get claim if you invested the loan int in House property..
Max upto 2,00,000. so full 3500 can exempted
kalpana8873:
hi ur answer is correct but please if possible can u explain it properly... please
I didn't know from where you get this question. Actually India didn't have any Joint return Concept.. so this question is basically not for India.. it might be possible in USA you get rebate of Interest expense.. India you didn't get Exemption until you Invested the amount in House property.. ...
its our assignment
This year, Company J reported current earnings and profits of $200,000 and accumulated earnings and profits of $200,000. It distributed $250,000 to its only shareholder, Sam on the last day of the year. Sam’s tax basis in the company is $100,000.
How much of the $250,000 distribution will be treated as dividend to Sam?
$250,000
$200,000
$100,000
None of the above
How much of the $250,000 distribution will be treated as dividend to Sam?
$250,000
$200,000
$100,000
None of the above
can u answer this
$2,50,000 answer is Correct ?
nope wrong answer
oh sorry... actually I am little curious.. yeh CPA ke questions solve Kerwane ke piche logic kya hai . apki university ka.. Tax basis jaisi term India me use he nhi hoti app Google kr lo........ App bhut badi University se ho kya.. .. ?
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