Alan,a Calendar Year Married Taxpayer,files a Joint Return for 2011

question 88

Multiple Choice

Alan,a calendar year married taxpayer,files a joint return for 2011.Information for 2011 includes the following: Alan's allowable itemized deductions for 2011 are:

• A) $12,500.
• B) $30,400.
• C) $37,200.
• D) $40,200.
• E) None of the above.

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Definitions:

Minimum Percentage

The lowest allowable or required fraction or rate of a quantity, often set as a standard or threshold.

Assets

Resources owned by a company, regarded as having value and available to meet debts, commitments, or legacies.

Invest

The action of allocating resources, usually financial, with the expectation of achieving a profit or material result.

ESOPs

Employee Stock Ownership Plans; these provide company stocks to employees as part of a retirement plan or incentive program.