Janet and Andrew Paid the Following Amounts During 2011

question 11

Multiple Choice

Janet and Andrew paid the following amounts during 2011: What is the maximum amount they can use as interest expense in calculating itemized deductions for 2011?

• A)$13,700
• B)$12,500
• C)$12,000
• D)$10,000
• E)$9,000

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Definitions:

Disclosure

The provision of information needed for the parties to make an informed decision.

Voluntariness

The client’s right to come to a decision without force, coercion, or manipulation from others.

Consent

Giving permission for something to happen or agreeing to do something, often used in medical contexts to refer to patients agreeing to receive treatment.

Practice Standards

Agreed-upon criteria within a profession that guide and determine the appropriate levels of practice and professional responsibility.