Juan and Dorothy Purchase a New Residence on May 1

question 41

Multiple Choice

Juan and Dorothy purchase a new residence on May 1, 2014. Juan and Dorothy pay the full amount of the 2014 property taxes of $7,200 on their new house when the taxes became due in December of 2014. What amount of the taxes that Juan and Dorothy pay in December 2014 can they deduct on their 2014 tax return?

• A) Zero, no amount is deductible.
• B) $2,400
• C) $4,800
• D) $7,200

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Definitions:

Organic Material

Substance made up of organic compounds originating from the remnants of organisms like plants and animals, including their waste in the natural surroundings.

Mineral Content

The specific types and amounts of minerals found within a substance, organism, or environment, crucial for nutrition and various physical properties.

Overgrazing

The degradation of vegetation due to excessive eating by livestock.

Domestic Animals

Animals that have been selectively bred and adapted over generations to live in close association with humans.