Claudia Refinances Her Home Mortgage on June 1 of the Current

question 97

Multiple Choice

Claudia refinances her home mortgage on June 1 of the current year.She obtains a 30-year mortgage at 5%.As part of the refinancing,she pays points of $3,600 (a customary practice in her location) .What amount,if any,of the points are deductible?

• A)$0
• B)$70
• C)$120
• D)$3,600

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Definitions:

Biogeographical

Pertaining to the distribution of plants and animals in different regions and ecosystems across the world.

Cenozoic Era

The current geological era, beginning 66 million years ago, following the mass extinction of the dinosaurs and characterized by the rise of mammals.

Comparative Morphology

Scientific study of similarities and differences in body plans.

Morphological Convergence

Evolutionary pattern in which similar body parts (analogous structures) evolve separately in different lineages.