If a Gambling Loss Itemized Deduction Is Permitted for Regular

question 24

True/False

If a gambling loss itemized deduction is permitted for regular income tax purposes, there will be no AMT adjustment associated with the gambling loss.

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Definitions:

Arson

The crime of intentionally setting fire to another’s property.

Intentional Destruction

The deliberate act of destroying or causing damage to property or materials.

Magazine Subscriptions

Agreements where individuals pay in advance to receive periodic issues of magazines over a specified time frame.

False Pretenses

The act of deliberately presenting false information with the intent to deceive or mislead.