Colin (Age 40) Is Single and Itemizes His Deductions

question 31

Multiple Choice

Colin (age 40) is single and itemizes his deductions.His AGI is $100,000.Colin provided the following information about his cash expenditures for 2019: Interest on loan to purchase corporate securities $ 900
Interest on American Express card 1,200
Points to refinance his home at the end of December 2,600
Mortgage interest payments 11,800
Real estate taxes 2,100
State income taxes withheld on salary 5,400
Additional state income tax estimated payment 1,200
Contribution to Republican Party 2,000
Contribution to United Way 500
How much are Colin's deductible contributions?

• A)$500
• B)$1,000
• C)$1,500
• D)$2,500

---

Definitions:

Lockout

A tactic used by employers to pressurize workers during labor disputes by temporarily closing the business and denying the workers entry.

Security Guards

Individuals employed to protect property, assets, or people, often employed by private companies, government institutions, or individuals.

Bargain Hard

The practice of negotiating forcefully or assertively to achieve favorable terms.

Nash Equilibrium

A principle in game theory stating that there is no advantage for any player to alter their strategy if all other participants maintain their current strategies.