Which of the Following Itemized Deductions Is Not Subject to the Itemized

question 92

Multiple Choice

Which of the following itemized deductions is not subject to the itemized deduction phase-out?

• A) gambling losses
• B) mortgage interest
• C) state income tax
• D) charitable contributions
• E) All of these are subject to the itemized deduction phase-out.

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Definitions:

Adjustment

An alteration made to financial records or statements to correct errors or account for changes.

Trial Balance

A bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit columns to ensure that a company's financial transactions are correctly recorded.

Worksheet

A paper or digital document used to organize information, perform calculations, and prepare for the creation of financial statements.

Revenue

Total financial returns resulting from a company's main operational activities, specifically the sale of its goods or services.