amount qualifies as a deduction from AGI for Nancy?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Nancy paid the following taxes during the year:
Tax on residence (for the period from March 1 through August 31)
State motor vehicle tax (based on the value of the personal use automobile)
State sales tax
State income tax
Nancy sold her personal residence on June 30 of this year under an agreement in which the real estate taxes were not prorated between the buyer and the seller. What
amount qualifies as a deduction from AGI for Nancy?
Ox $9,180
b. 55,382
$5,250
430
3,500
3,050
$7,382
Od 59,130
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