George Is Single and Age 56, Has AGI of $265,000

question 34

Essay

George is single and age 56, has AGI of $265,000, and incurs the following expenditures in 2019. $$\begin{array} { l r } \text { Medical expenses (before 10\%-of-AGI floor) } & \$ 35,000 \\\text { Interest on home mortgage } & 15,500 \\\text { State income tax } & 7,500 \\\text { State sales tax } & 4,500 \\\text { Real estate tax } & 8,600 \\\text { Charitable contribution } & 6,500\end{array}$$ What is the amount of itemized deductions George may claim?

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Definitions:

Questionable Practices

Activities or behaviors that are dubious in nature and may be considered as unethical, unprofessional, or legally gray.

Corporate Philanthropy

A company's initiative to assess and take responsibility for its effects on environmental and social well-being, often involving charitable donations or community service programs.

Continuum of Social Responsibility

A spectrum reflecting the varying degrees of commitment or approaches organizations can take toward social responsibility.

Reaction

The response or change in behavior that occurs as a result of an external stimulus or situation.