Cory incurred and paid the following expenses: Calculate the amount that Cory can deduct (before any percentage limitations).
A) $5,000.
B) $4,600.
C) $3,000.
D) $1,500.
E) None of the above.

Question

Cory incurred and paid the following expenses:  Calculate the amount that Cory can deduct (before any percentage limitations).
A) $5,000. 
B) $4,600. 
C) $3,000. 
D) $1,500. 
E) None of the above.

Quizplus · Accepted Answer

Based on the information provided, Cory can deduct the full amount of the qualifying expenses, which is $4,600. The expenses include $1,500 for property taxes, $1,700 for state and local income taxes, and $1,400 for charitable contributions. There are no percentage limitations mentioned, so all of the expenses can be deducted. Therefore, option B is the correct answer.

Cory Incurred and Paid the Following Expenses: Calculate the Amount