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

---

Definitions:

Operating Expenses

Costs associated with the day-to-day functions of a business outside of direct production costs, including items like rent, utilities, and payroll expenses.

Sales

Sales refer to the transactions where goods or services are exchanged for money, representing the primary source of revenue for most businesses.

Income Statement Data

Financial information that summarizes a company's revenues, expenses, and profits over a specific period.

Operating Expenses

Costs incurred in the day-to-day operations of a business, excluding direct material and labor costs related to the production of goods or services.