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D Made the Following Payments During 2012: Interest on Revolving \quad

question 34

Multiple Choice

D made the following payments during 2012: Interest on revolving charge accounts \quad$400\$ 400
Interest on original $140\$ 140 , 000 home mortgage \quad 6,800
Interest on bank loan (proceeds of loan
were used to purchase state of New York
tax-exempted bonds) \quad 3,100
Interest on credit union loan (proceeds
of loan were used for a family
vacation) 1,600\quad 1,600 How much of the above amounts may D deduct as an itemized deduction for interest expense on his Federal income tax return?

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Definitions:

Gestalt Psychology

A theory of mind and brain positing that the operational principle of the brain is holistic, parallel, and analog, with self-organizing tendencies.

Cognitive Psychology

A branch of psychology that studies mental processes including how people think, perceive, remember, and learn.

Functionalism

A paradigm in psychology that focuses on how mental and behavioral processes enable an individual to adapt, survive, and flourish.

Wilhelm Wundt

Often recognized as the father of experimental psychology, he founded the first formal psychology laboratory in Leipzig, Germany, in 1879.

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