In the 2016 tax year, Michelle paid the following amounts relating to her 2014 tax return: Tax

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In the 2016 tax year, Michelle paid the following amounts relating to her 2014 tax return:

Tax deficiency .......................................................... $5,000

Negligence penalty .................................................... 1,000

Interest ........................................................................... 500

Underpayment of estimated tax penalty .................. 350

What amount of the above items may be deducted on Michelle's 2016 individual income tax return?

$ __________________

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Income Tax Fundamentals 2017

ISBN: 9781305872738

35th Edition

Authors: Gerald E. Whittenburg, Steven Gill, Martha Altus Buller

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Question Posted: Jul 19, 2017 11:03 AM

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In the 2016 tax year, Michelle paid the following amounts relating to her 2014 tax return: Tax

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0 None of the amounts are deductible since ...View the full answer

Income Tax Fundamentals 2017

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