Mr. and Mrs. Hunt have the following allowable itemized deductions this year.
$\begin{array}{llr}
\text { Medical expenses } &\$3,279\
\text { state and local taxes } &\$7,400\
\text { Casualty loss (less $ \$ 100 $ per casualty floor)} &\$3,990\
\text { charitable contributions } &\$3,500\
\text { } &\
\text { } &\
\end{array}$
Determine the effect on the amount of each deduction if the Hunts engage in a transaction generating $10,000 additional AGI this year.

Question

Mr. and Mrs. Hunt have the following allowable itemized deductions this year.
 $\begin{array}{llr}
  \text { Medical expenses } &\$3,279\
 \text { state and local taxes } &\$7,400\
 \text {  Casualty loss (less $ \$ 100 $ per casualty floor)} &\$3,990\
 \text { charitable contributions } &\$3,500\
 \text {  } &\
 \text {  } &\
\end{array}$
 Determine the effect on the amount of each deduction if the Hunts engage in a transaction generating $10,000 additional AGI this year.

Quizplus · Accepted Answer

The Answer of Mr. and Mrs. Hunt have the following allowable itemized deductions this year.
 $\begin{array}{llr}
  \text { Medical expenses } &\$3,279\
 \text { state and local taxes } &\$7,400\
 \text {  Casualty loss (less $ \$ 100 $ per casualty floor)} &\$3,990\
 \text { charitable contributions } &\$3,500\
 \text {  } &\
 \text {  } &\
\end{array}$
 Determine the effect on the amount of each deduction if the Hunts engage in a transaction generating $10,000 additional AGI this year.

Mr and Mrs Determine the Effect on the Amount of Each Deduction If