Felix, a Single Taxpayer, Claimed $180 of State Tax as an Itemized

question 20

Multiple Choice

Felix, a single taxpayer, claimed $180 of state tax as an itemized deduction on his 2014 tax return. The total itemized deductions on his tax return were $6,250. In 2015, he received a $25 refund from the state. What is the amount Felix has to report on his 2015 tax return?

• A) $0.
• B) $50.
• C) $180.
• D)$25.

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Definitions:

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) that is global in scope.

GAAP Marketable Securities Guidance

Standards and guidelines provided by Generally Accepted Accounting Principles regarding the reporting and valuation of marketable securities.

Compare And Contrast

A method of evaluation that emphasizes similarities and differences between two or more subjects.

Long-Term Liabilities

Obligations a company owes that are due more than one year in the future, such as bonds payable, long-term loans, and pension obligations.