Mr. and Mrs. Remy have the following allowable itemized deductions this year. Medical expenses ........................................... $2,310 State

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Mr. and Mrs. Remy have the following allowable itemized deductions this year.

Medical expenses ........................................... $2,310
State and local taxes ......................................   4,019
Casualty loss ...................................................   8,000
Charitable contributions ..............................    2,500

Determine the effect on the amount of each deduction if the Remys engage in a transaction generating $20,000 additional AGI on this year’s Form 1040.

Assume the taxable year is 2018.

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Principles Of Taxation For Business And Investment Planning 2019 Edition

ISBN: 9781260161472

22nd Edition

Authors: Sally Jones, Shelley C. Rhoades Catanach, Sandra R Callaghan

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