[2] John and Norma Hamilton are cash-basis taxpayers. During the current year, they paid the following...

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[2] John and Norma Hamilton are cash-basis taxpayers. During the current year, they paid the following taxes: State gift taxes State motor vehicle tax on value of automobile State income tax Estimated state income tax State inheritance tax $650 20include 400 900 350 What amount can the Hamiltons claim as an itemized deduction on their current-year federal tax return? A. $2,550 B. $1,300 $1,550 $1,650 [4] Round, Inc., a wheel manufacturer, purchased a new grinding machine in 2022 for $1,090,000. How much of the cost of this machine can Round expense in 2022 before computing depreciation? A. $25,000 B. $0 C. $10,000 D. $1,080,000 [2] John and Norma Hamilton are cash-basis taxpayers. During the current year, they paid the following taxes: State gift taxes State motor vehicle tax on value of automobile State income tax Estimated state income tax State inheritance tax $650 20include 400 900 350 What amount can the Hamiltons claim as an itemized deduction on their current-year federal tax return? A. $2,550 B. $1,300 $1,550 $1,650 [4] Round, Inc., a wheel manufacturer, purchased a new grinding machine in 2022 for $1,090,000. How much of the cost of this machine can Round expense in 2022 before computing depreciation? A. $25,000 B. $0 C. $10,000 D. $1,080,000