Question: Question 1 (Chapter 6) worth 8 points Pete and Laura are married and file a joint return. They have the following income and expenses for

Question 1 (Chapter 6) worth 8 points Pete and Laura are married and file a joint return. They have the following income and expenses for the year: Salary 145,000 Bonus 12,000 Student loan interest (2,500) Unreimbursed medical expenses {18.,000) Charitable contribution (3,500) State sales tax (3,600) Property tax (8,600) Educator expenses (150) Mortgage interest (11,000) *Pete 1s a kindergarten teacher in the Oakland Unified School District. (a) What is their AGI? (b) Should they itemize or take the standard deduction (provide numerical support for your answer)? Question 2 (Chapter 6) (a) Tsukasa owns a Japanese restaurant in Berkeley. He 1s considering opening a movie theater in San Jose. In 2024, he spent $54,800 on market research to determine demand for a movie theater in San Jose. Based on the research, he decides not to open the restaurant. How much, 1f any, of the $54,800 may he deduct in 20247 (b) Tsukasa is also considering opening a tattoo parlor in Oakland. He spent $54.800 on market research to determine demand for tattoos in Oakland. Based on the research, he decides to open the tattoo parlor on August 1, 2024. How much, if any, of the $54.800 may he deduct in 20247

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