On January 2, Year 1, the Philips paid USD50,000 cash and obtained a USD200,000 mortgage to purchase a home. In Year 4 they borrowed USD15,000 secured by their home, and used the cash to add a new room to their residence. That same year they took out a USD5,000 auto loan.The following information pertains to interest paid in Year 4:Mortgage interestUSD17,000Interest on room construction loan1,500Auto loan interest500For Year 4, how much interest is deductible, prior to any itemized deduction limitations?
参考答案(由小熊题库网聘请的专业题库老师提供的解答)
请点击↑↑↑ 查看官方参考答案 按钮
习题解析
请点击 查看官方参考答案 按钮
您可能感兴趣的题目
1 .下列记账方法中，属于复式记账法的有（ ）。
A 补充登记法 B 增减记账法 C 划线更正法 D 收付记账法 E 借贷记账法
2 .The Browns borrowed USD20,000, secured by their home, to pay their son's college tuition. At the time of the loan, the fair market value of their home was USD400,000, and it was unencumbered by other debt. The interest on the loan qualifies as:
A Investment interest expense. B Nondeductible interest. C Deductible personal interest. D Deductible qualified residence interest.
3 .按内容可将记账凭证分为（ ）。
A 收款凭证 B 付款凭证 C 转账凭证 D 复式记账凭证 E 单式记账凭证
4 .On December 1 of the current year, Krest, a self-employed cash basis taxpayer, borrowed USD200,000 to use in her business. The loan was to be repaid on November 30 of the following year. Krest paid the entire interest amount of USD24,000 on December 1 of the current year. What amount of interest was deductible on Krest's current year income tax return?
A USD 2,000 B USD 0 C USD 24,000 D USD 22,000
5 .在企业会计要素中，资产的基本特征有（ ）。
A 资产是由企业将要发生的交易或者事项形成的 B 资产应为企业拥有或控制的资源 C 资产是所有者享有的经济利益 D 资产预期会给企业带来经济利益 E 资产是由企业过去的交易或者事项形成的
7 .The deduction by an individual taxpayer for interest on investment indebtedness is:
A Limited to the investment interest paid during the year. B Limited to the taxpayer's net investment income for the year. C Not limited. D Limited to the taxpayer's interest income for the year.
8 .下列属于反映企业财务状况的静态会计要素的有（ ）。
A 资产 B 负债 C 所有者权益 D 收入 E 费用
9 .Smith, a single individual, made the following charitable contributions during the current year. Smith’s adjusted gross income is USD60,000.Donation to Smith’s churchUSD5,000Art work donated to the local art museum(Smith purchased it for USD2,000 four months ago and a local art dealer appraised it for)3,000Contribution to a needy family1,000What amount should Smith deduct as a charitable contribution?
A USD8,000 B USD5,000 C USD9,000 D USD7,000
10 .Which of the following statements is correct regarding the deductibility of donations made to qualifying charities by a cash-basis individual taxpayer?
A A qualified appraisal for real property donations is not required to be attached to the tax return unless the property value exceeds USD10,000. B The charitable contribution deduction for long-term appreciated stock is limited to 50% of adjusted gross income. C A charitable contribution deduction ...
