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All final answers, unless otherwise indicated, have been rounded to the nearest $10. Also, assume...

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Accounting

All final answers, unless otherwise indicated, have been rounded to the nearest $10. Also, assume that each question is independent of any other question. please answer questions using tax rules in effect for the year 2021, but ignoring temporary Covid-10 related changes.

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3. In 2021, Carla Cox wins a $10,000 lottery prize, but loses $3,000 betting on horse races. Assuming that Carla itemizes her deductions, how will she report the gambling activity on her 2021 Form 1040 ? A. Gross income of $10,000; zero deduction B. Gross income of $7,000; zero deduction C. Gross income of $10,000;$3,000 deduction for AGI D. Gross income of $10,000;$3,000 deduction from AGI E. None of the above 4. Which of the listed interest expenses can be deducted as an itemized deduction? A. Interest on a residence taxpayer owns, but leases to a third party B. Personal use credit card interest C. Home equity loan interest, where the funds were used to purchase an auto for business use in the taxpayer's Form 1040 Schedule C activity D. Business use credit card interest E. None of the above may be deducted as an itemized deduction

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