Which of the Following Items Would Be an Itemized Deduction

question 23

Multiple Choice

Which of the following items would be an itemized deduction on Schedule A of Form 1040?

• A) Professional dues paid by an accountant (employed by Ford Motor Co.) to the National Association of Accountants.
• B) Gambling losses to the extent of gambling winnings.
• C) Job hunting costs.
• D) Subscription to the Wall Street Journal.
• E) None of the above.

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Definitions:

Fundamental Breach

A severe violation of a contract that allows the aggrieved party to terminate the agreement and possibly seek damages.

Strict Interpretation

The judicial practice of applying a narrow, literal, and precise reading of legal texts or statutes.

Force Majeure Clause

A contract term anticipating some catastrophic event usually exempting liability when such an event interferes with performance of the contract.

Catastrophic Event

An unexpected, large-scale disaster that causes significant -physical, economical or environmental damage or loss of life.