In the 2020 tax year, Michelle paid the following amounts relating to her 2018 tax return: Which

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In the 2020 tax year, Michelle paid the following amounts relating to her 2018 tax return:

Tax deficiency Negligence penalty Interest Underpayment of estimated tax penalty $5,000 1,000 500 350

Which of the above items may be deducted on Michelle’s 2020 individual income tax return? Explain

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Related Book For  answer-question

Income Tax Fundamentals 2021

ISBN: 9780357141366

39th Edition

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

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