Presuming proper substantiation, Brennan's deduction is

Brennan entertains one of his clients on January 1 of the current year. Expenses paid by Brennan are as follows: Cab fare 10 Cover charge at supper club 50 Dinner at club 200 Tips to waiter 60 Presuming proper substantiation, Brennan's deduction is: a. $160. b. $165. c. $260. d. $320. e. None of the above.

If Sophie itemizes her deductions for 2004, the amount deductible for interest expense as an itemized deduction is

During 2004, Sophie paid the following interest charges: Home mortgage $5,000 On loan to purchase a new car 2,500 On student loan 800 If Sophie itemizes her deductions for 2004, the amount deductible for interest expense as an itemized deduction is: a. $2,500. b. $5,000. c. $7,500. d. $8,300. e. None of the above.

For these items, how much qualifies as a charitable contribution?

In 2004, Cobalt pays $5,000 to become a charter member of Private University’s Athletic Council. The membership ensures that Cobalt will receive choice seating at all of Private’s home football games. Also in 2004, Cobalt pays $1,000 (the regular retail price) for season tickets for himself and his wife. For these items, how much qualifies as a charitable contribution? a. $0. b. $1,000. c. $4,000. d. $6,000. e. None of the above.

In 2003, Betty invests $100,000 for a 25% partnership interest in an activity in which she is a material participant. The partnership reports losses of $300,000 in 2003 and $300,000 in 2004. Betty’s share of the partnership’s losses is $75,000 in 2003 and $75,000 in 2004.

In 2003, Betty invests $100,000 for a 25% partnership interest in an activity in which she is a material participant. The partnership reports losses of $300,000 in 2003 and $300,000 in 2004. Betty’s share of the partnership’s losses is $75,000 in 2003 and $75,000 in 2004. How much of the losses from the partnership can Betty deduct? a. $75,000 in 2003 and $75,000 in 2004. b. $75,000 in 2003 and $25,000 in 2004. c. $0 in 2003 and $0 in 2004. d. $75,000 in 2003 and $0 in 2004. e. None of the above.

Her modified adjusted gross income is $175,000. Of the $70,000 loss, how much is deductible?

Carly, who is single, has $90,000 of salary, $40,000 of income from a limited partnership and a $70,000 passive loss from a real estate rental activity in which she actively participates. Her modified adjusted gross income is $175,000. Of the $70,000 loss, how much is deductible? a. $0. b. $40,000. c. $30,000. d. $70,000. e. None of the above.