Bob Brain Files a Single Tax Return and Decides to Itemize

question 51

Multiple Choice

Bob Brain files a single tax return and decides to itemize his deductions. Bob's income for the year consists of $75,000 of salary, $3,000 long-term capital gain, and $1,500interest income. Bob's expenses for the year consists of $800 investment advice fees,$700 unreimbursed employee business expenses (a miscellaneous itemized deduction) , and $250 tax return preparation fees. What is Bob's actual deduction for miscellaneous itemized deductions?

• A) Zero; Bob's investment expenses do not exceed two percent of AGI floor.
• B) $1,750.
• C) $1,590.
• D) $1,500.
• E) None of the choices are correct.

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