Which of the Following Items Would Be an Itemized Deduction

question 72

Multiple Choice

Which of the following items would be an itemized deduction on Schedule A of Form 1040 subject to the 2%-of-AGI floor?

• A)Professional dues to membership organizations.
• B)Work uniforms that cannot be used for normal wear.
• C)Job-hunting costs.
• D)Hobby losses up to the amount of hobby income.
• E)All of the above.

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Definitions:

Statement of Cash Flows

A financial documentation that illustrates the effect of changes in balance sheet accounts and profit on cash and cash equivalents, dividing the analysis into categories of operating, investing, and financing activities.

Noncash Investing

Investing activities that do not involve the immediate outflow of cash, such as acquiring assets through finance leases.

Financing Activities

Financing activities are transactions involving changes in the size and composition of the equity and borrowings of a company.

Statement of Cash Flows Worksheet

A detailed working paper used in the preparation of the statement of cash flows that reconciles beginning and ending cash balances by analyzing changes in all other accounts.