Mitch, Who Is Single and Age 46 and Has No

question 50

Multiple Choice

Mitch, who is single and age 46 and has no dependents, had AGI of $100,000 this year.His potential itemized deductions were as follows. $$\begin{array} { l r } \text { Medical expenses (in excess of AGI floor) } & \$ 15,000 \\\text { State income taxes } & 3,000 \\\text { Real estate taxes } & 7,000 \\\text { Mortgage interest (acquisition of primary residence) } & 13,000 \\\text { Home equity loan interest (loan used to finance the } & 4,000 \\\text { purchase of a car) } & \\\text { Unreimbursed employee expenses } & 4,300\end{array}$$ What is the amount of Mitch's AMT adjustment for itemized deductions for 2019?

• A)$10,000.
• B)$12,300.
• C)$16,300.
• D)$34,300.

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Definitions:

Unilateral Contract

A contract in which one party makes a promise in exchange for an act performed by another party, with only the party making the promise being legally bound.

Sheriff's Office

A local law enforcement agency led by a sheriff, responsible for keeping peace, enforcing laws, and executing court orders.

Option Contract

A contract which grants the holder the right, but not the obligation, to buy or sell an asset at a specified price on or before a specified date.

Unilateral Contract

is a type of contract where only one party makes a promise or undertakes a performance obligation in exchange for an act by the other party, creating a binding agreement once the act is performed.