In February of the Current Year (Assume a Non-Leap Year),Ken

question 41

Multiple Choice

In February of the current year (assume a non-leap year) ,Ken and Kelsey received their property tax statement for last calendar-year taxes of $1,600,which they paid to the taxing authority on March 1 of the current year.They had purchased their home on May 1 last year.What amount of property tax on this statement may they claim as an itemized deduction this year?

• A)$0
• B)$800
• C)$1,074
• D)$1,600

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Definitions:

Potential Loss

The possible negative financial impact or damage that could occur in the future.

Rescind

To annul, void, or rescind a law, order, or agreement.

Preparatory Steps

Actions or measures taken in anticipation of a future event, often related to planning or setting up operations.

Willfully Fails

The deliberate or intentional failure to perform an act required by law or duty.