Which of the Following Miscellaneous Deductions Are Not Subject to the 2

question 9

Multiple Choice

Which of the following miscellaneous deductions are not subject to the 2 percent of adjusted gross income limitation?

• A)Unreimbursed employee business expenses
• B)Investment expenses
• C)Unrecovered annuity costs at death
• D)Union dues
• E)None of the above

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Definitions:

Total Surplus

The sum of consumer surplus and producer surplus, representing the total benefits to society from the trade of a good or service.

Consumer Surplus

The difference between the maximum price consumers are willing to pay for a good or service and the actual price they pay.

Producer Surplus

The disparity between the price that producers are ready to accept for a product or service and the price they actually obtain.

Equilibrium Price

The cost where the amount of a product or service consumers want to buy matches the quantity that producers are willing to sell.