Mrs. Stuart paid the following taxes: Local property tax on: 20 acres of land held for investment
Question:
Local property tax on:
20 acres of land held for investment .............................. $ 2,500
Condominium used as principal residence .......................... 4,825
Sailboat used as vacation residence .................................. 1,975
Missouri sales tax on consumer goods and services ............... 7,100
Missouri income tax ................................................... 6,950
Federal employee payroll tax on salary ............................ 15,200
Federal income tax ................................................... 30,800
To what extent (if any) can Mrs. Stuart deduct each of these payments?
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Related Book For
Principles Of Taxation For Business And Investment Planning 2018
ISBN: 9781259713729
21st Edition
Authors: Sally Jones, Shelley C. Rhoades Catanach, Sandra R Callaghan
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