Sharon reports a gross tax liability of $600. She also claims $400 of nonrefundable personal...
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Accounting
Sharon reports a gross tax liability of $600. She also claims $400 of nonrefundable personal credits, $700 of refundable personal credits, and $200 of business credits. What is her tax refund or tax liability due after applying the credits?
A. $0 refund or tax due.
B. $700 refund.
C. $300 refund.
D. $1,000 taxes due.
George is a self-employed Oncologist that lives in Arizona and has incurred the following reasonable expenses:
$1,000 in airfare to repair investment rental property in California. $500 in meals while attending a medical convention in Denver. $300 for tuition for an investment seminar "How to pick stocks." $100 for tickets to a baseball game with hospital administrators to celebrate successful negotiation of a surgical contract earlier in the day. How much can he deduct?
A. $1,250 "for AGI"
B. $1,300 "for AGI" and $300 "from AGI"
C. $80 "for AGI" and $1,300 "from AGI"
D. None of the choices are correct.
E. $480 "for AGI"
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