Mitch,who Is Single and Age 66 and Has No Dependents,had

question 73

Multiple Choice

Mitch,who is single and age 66 and has no dependents,had AGI of $100,000 in 2015.His potential itemized deductions were as follows: ​ Medical expenses (before percentage limitation) $15,000 State income taxes 3,000 Real estate taxes 7,000 Mortgage (qualified housing and residence) interest 9,000 Cash contributions to various charities 4,000 Unreimbursed employee expenses (before percentage limitation) 4,300 ​ What is the amount of Mitch's AMT adjustment for itemized deductions for 2015?

• A)$14,800
• B)$16,800
• C)$19,300
• D)$25,800
• E)None of the above

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Definitions:

Ordinary Bailments

Agreements where personal property is transferred from one party to another, with the intention of returning the property after a certain period or purpose.

Benefit

An advantage or profit gained from something.

Constructive Delivery

A symbolic delivery that confers the right to take possession of property that cannot be physically delivered.

Exclusive Possession

The right of a tenant or lessee to use and control a property without interference from the landlord or lessor.