6. (TCOs 3 4 5 & 7) Which of the following is a deduction for AGI? (Points : 5

6. (TCOs 3 4 5 & 7) Which of the following is a deduction for
AGI? (Points : 5)

Casualty losses Charitable contributions Real estate tax on personal residence Qualified
tuition expense None of the above
7. (TCOs 3 4 5 & 7) During 2011 Doris paid the following interest
charges:

Home mortgage

$6000

On loan to purchase a new car

$1500

On student loan

$800

If Doris itemizes her deductions for 2011 then the amount deductible for interest expense as an itemized deduction is:
(Points : 5)

$1500. $6000. $7500. $8300. None of the
above
8. (TCOs 3 4 5 & 7) In the current year Galaxy Corporation a closely
held C corporation that is not a personal service corporation has $80000 of passive losses $60000 of active business
income and $10000 of portfolio income. How much of the passive loss may Galaxy deduct in the current year?
(Points : 5)

$0 $10000 $60000 $70000 None of the
above