Bob Brain Files a Single Tax Return and Decides to Itemize

question 71

Multiple Choice

Bob Brain files a single tax return and decides to itemize his deductions. Bob's income for the year consists of $75,000 of salary, $3,000 long-term capital gain, and $1,500 interest income. Bob's expenses for the year consists of $800 investment advice fees, $700 unreimbursed employee business expenses (a miscellaneous itemized deduction) , and $250 tax return preparation fees. What is Bob's actual deduction for miscellaneous itemized deductions?

• A) Zero; Bob's investment expenses do not exceed two percent of AGI floor.
• B) $1,590
• C) $1,500
• D) $1,750
• E) None of these

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Definitions:

Alternative Ideologies

Diverse sets of beliefs or values that differ from the predominant or mainstream frameworks within a society.

Delaying Commitment

The practice of postponing or deferring decisions or commitments, especially regarding life choices or relationships.

Marital Satisfaction

A measure of the happiness and fulfillment individuals feel within their marriage or partnership.

Postparental Depression

A term that could refer to feelings of sadness, loneliness, or depression experienced by parents after their children have grown up and left home, although it's not widely recognized in clinical psychology.