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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Definitions:

Population Density

The measure of the number of individuals living per unit area, often used to understand how crowded an area is.

Aggressive

Exhibiting behavior characterized by hostility and intent to cause harm or assert dominance over others.

Household Density

measures the number of people living within a household or residential unit, often reflecting living conditions and space utilization.

Prison Environment

The physical and social conditions within a correctional facility, influencing the behavior and mental health of inmates.