Charles has AGI of $50,000 and has made the following payments related to (1) land he inherited
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State inheritance tax on the land ...................................................... $1,200
County real estate tax on the land ....................................................... 1,500
School district tax on the land ............................................................ 690
City special assessment on the land (new curbs and gutters) ......................... 700
State tax on airline tickets (paid on vacation) ........................................... 125
Local hotel tax (paid during vacation) .................................................... 195
a. Suppose that Charles holds the land for appreciation.
b. Suppose that Charles holds the land for rent.
c. Suppose that the vacation was actually a business trip.
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Related Book For
Taxation Of Individuals And Business Entities 2015
ISBN: 9780077862367
6th Edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
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