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Problem 10-40 (Algorithmic) (LO. 2, 3, 4, 5, 6, 7) For calendar year 2021, Stuart...

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Accounting

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Problem 10-40 (Algorithmic) (LO. 2, 3, 4, 5, 6, 7) For calendar year 2021, Stuart and Pamela Gibson file a joint return reflecting AGI of $372,000. Their itemized deductions are as follows: Note: All expenses are before any applicable limitations, unless otherwise noted. Casualty loss in a Federally declared disaster area (not covered by insurance; before the 10%-of-AGI limitation but after the $100 floor) Home mortgage interest (loan qualifies as acquisition indebtedness) $78,400 31,360 Credit card interest 1,568 Property taxes on home 23,520 Charitable contributions 43,120 State income tax 27,440 Tax return preparation fees 2,352 Round your final answers to the nearest whole dollar. Calculate the amount of itemized deductions the Gibsons may claim for the year

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