1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Otrada [13]
3 years ago
6

Farr, an unmarried taxpayer, had $70,000 of adjusted gross income and the following deductions for regular income tax purposes:_

________Home mortgage interest on a loan to acquire a principal residence $11,000Miscellaneous itemized deductions above the threshold limitation 2,000What are Farr's total allowable itemized deductions for computing alternative minimum taxable income?a. $2,000b. $13,000c. $11,000d. $0
Business
1 answer:
Karolina [17]3 years ago
5 0

Answer:

C. $11,000

Explanation:

For computational purposes, both the Mortgage interest as well as the miscellaneous itemized deducted qualify as deductions based on the Schedule A which is the regular tax purposes.

However, only Mortgage interest will be allowable itemized deduction because miscellaneous itemized deductions fall under the category of adjustments and as such do not qualify for deductions under the AMT which is the Alternative Minimum Taxable Income.

Based on the explanation, only $11,000 of mortgage interest qualifies.

You might be interested in
Mel is a salesperson for a technology services company. He wants to expand collaborative involvement between his company and his
galina1969 [7]

Answer:

I couldn't find any possible options, but if Mel wants to expand collaborative involvement between companies, he should try to make them work together.

Mel is probably trying to sell a new software or technological device to his client, and in order to try to convince the client that his offer is the best, he could suggest that the engineers from his company work together with the engineers of the buying company in order to solve any issues or doubts that may exist. This doesn't necessarily mean that they have to come together and work side by side, now you can work together using Skype of other communications app.

3 0
3 years ago
Using Taylor's rule, when the equilibrium real federal funds rate is 2 percent, there is no output gap, the actual inflation rat
SCORPION-xisa [38]

Answer:

B) 1%

Explanation:

Taylor's rule formula is as follow:

Target rate = Neutral rate + 0.5 x (Expected GDP growth rate - Long-term GDP growth rate) + 0.5 x (Expected Inflation rate - Target inflation rate)

--> Target rate = 2% + 0.5 x (0) + 0.5 x (0 - 2%)

  --> Target rate = 2% - 1% = 1%

Nominal federal funds rate should be 1%

7 0
3 years ago
Why does a comma need to follow the word rain in this sentence?this is the following question, The weather guy said that it was
Strike441 [17]

Answer:

Eng grammar

Explanation:

Comma is Basically a 1 second pause after the word so when you say the above mentioned sentence then a one second pause is required after the word rain..

Hope I Helped

Pls mark as Brainliest.

8 0
3 years ago
The step of making a tentative plan in the troop-leading procedure usually has six steps. what is step six?
vladimir1956 [14]
Step six is to complete the plan.

The basic six steps are:
- receiving the requirements
- issuing a warning order
- making the tentative plan
- initiating the movement
- conducting the <span>reconnaissance, and finally
</span>- completing the plan

It is also advisable to follow the 6 steps by two additional steps which are:
- issuing the complete order
- supervision
5 0
2 years ago
Which of the following is a benefit associated with regional economic integration?
Assoli18 [71]

Answer:

its b

Explanation:

3 0
3 years ago
Read 2 more answers
Other questions:
  • Each of the following is a rationale for acquisitions EXCEPT:Group of answer choicesA. achieving greater market power.B. overcom
    12·1 answer
  • Ideally, capital budgeting analysis should take cash flows into account . Understanding the nature of projects Capital budgeting
    15·1 answer
  • 1. In the Health Science cluster, Ophthalmologists diagnose, treat, and help prevent ¬¬¬__________________ of the ______________
    13·1 answer
  • Ecker Company reports $2,700,000 of net income and declares $388,020 of cash dividends on its preferred stock for the year. At y
    7·2 answers
  • which circumstance is most likely to cause a farmer to store soybeans for a future sale instead of selling them right after harv
    12·1 answer
  • The Assembly Department had 4 comma 500 units of beginning inventory in September​, and 6 comma 000 units were transferred to it
    10·1 answer
  • The account balances and income statement of Winfrey Towing Service on June 30, 2018, follow:
    10·1 answer
  • A company's days' cash on hand is computed by dividing:​ Group of answer choices ​cash and short-term investments by daily cash
    10·1 answer
  • A shoe manufacturer has created a decision tree with costs of different marketing strategies and the two possible outcomes from
    5·1 answer
  • Shandra Corporation (a U.S.-based company) expects to order goods from a foreign supplier at a price of 131,000 pounds, with del
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!