Choose the Word or Phrase in [ ] Which Will

question 64

Short Answer

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement.
-Interest paid on a [home equity line of credit | credit card] would be deductible if you itemize your deductions on your federal tax return.

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Definitions:

Johnson Amendment

A provision in U.S. tax code prohibiting 501(c)(3) nonprofit organizations from endorsing or opposing political candidates.

Internal Revenue Code

A comprehensive, codified set of laws that govern federal tax administration in the United States.

Political Activity

Actions or efforts aimed at influencing government policy or the election of candidates for political office.

House Rule 25

A specific regulation or policy within an organization or institution, often relating to governance or operational procedures, though the content can vary widely depending on the context.