A compilation performed by an auditor: (Points : 2)
less reliable than audited financial statements.
not require a statement of cash flows.
is the same as a review.
be on a cash basis.
Janet and Andrew paid the following amounts during 2011:
Interest on automobile loan $1200
Interest on bank loan (proceeds were used to purchase municipal bonds) 2000
Qualified home mortgage interest 9000
Points on the acquisition of their home 1000
Loan appraisal fee 500
What is the maximum amount they can use as interest expense in calculating itemized deductions for 2011? (Points : 2) $10000