In 2019, Mary Had the Following Items Assuming That Mary Files as Head of Household (Has One

question 60

Multiple Choice

In 2019, Mary had the following items: $\begin{array}{lr}\text { Salary } & \$ 30,000 \\\text { Personal use casualty gain } & 10,000 \\\text { Personal use casualty loss (after } \$ 100 \text { floor) } & 17,000 \\\text { Other itemized deductions } & 4,000\end{array}$ Assuming that Mary files as head of household (has one dependent child) , determine her taxable income for 2019.

• A) $11,650
• B) $12,800
• C) $13,900
• D) $21,900
• E) None of these.

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Definitions:

Cumulative Rights

Voting rights allowing shareholders to accumulate their votes for a single candidate in a corporate election.

Secured Parties

Creditors or lenders who have a secured interest in a borrower's collateral to secure repayment of the loan.

Secured Creditor

A lender or creditor who has a legal right to seize collateral if the borrower fails to repay the debt as agreed.

After-Acquired Inventory

Inventory obtained by a company after it has granted a security interest in its inventory to a creditor, which may also fall under the security interest for that creditor.