The Chen Trust Incurred the Following Items During the Year

question 17

Multiple Choice

The Chen Trust incurred the following items during the year. What is Chen's deduction for the tax preparation fees? $\begin{array}{lr}\text { Taxable interest received } & \$ 40,000 \\\text { Tax-exempt interest received } & 60,000 \\\text { Tax preparation fees paid } & 5,000\end{array}$

• A) $0
• B) $2,000
• C) $3,000
• D) $5,000

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Definitions:

Immediate Action

Prompt and decisive action taken to address a situation or problem without delay.

Age-Discrimination Claim

A legal complaint alleging unfair treatment or discrimination in employment based on an individual's age.

Qualified

Qualified commonly refers to possessing the necessary skills, attributes, or credentials required for a certain position, activity, or condition.

Age Discrimination

Unfair treatment or bias against individuals or groups based on their age, particularly in the workplace.