Charles has AGI of $45,500 and has made the following payments related to (1) land he inherited from his deceased aunt and (2) a personal vacation taken last year. State inheritance tax on the land $1,430 County real estate tax on the land 1,970 School district tax on the land 873 City special assessment on the land (new curbs and gutters) 813 State tax on airline tickets (paid on vacation) Local hotel tax (paid during vacation) 303 292 Calculate the amount of taxes Charles may include in his itemized deductions for the year under the following circumstances: Note: Leave no answer blank. Enter zero if applicable. b. Suppose that Charles holds the land for rent.
Charles has AGI of $45,500 and has made the following payments related to (1) land he inherited from his deceased aunt and (2) a personal vacation taken last year. State inheritance tax on the land $1,430 County real estate tax on the land 1,970 School district tax on the land 873 City special assessment on the land (new curbs and gutters) 813 State tax on airline tickets (paid on vacation) Local hotel tax (paid during vacation) 303 292 Calculate the amount of taxes Charles may include in his itemized deductions for the year under the following circumstances: Note: Leave no answer blank. Enter zero if applicable. b. Suppose that Charles holds the land for rent.
Chapter27: The Federal Gift And Estate Taxes
Section: Chapter Questions
Problem 3DQ
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Transcribed Image Text:Charles has AGI of $45,500 and has made the following payments related to (1) land he inherited from his deceased aunt
and (2) a personal vacation taken last year.
State inheritance tax on the land
$1,430
County real estate tax on the land
1,970
School district tax on the land
873
City special assessment on the land (new curbs and gutters) 813
State tax on airline tickets (paid on vacation)
Local hotel tax (paid during vacation)
303
292
Calculate the amount of taxes Charles may include in his itemized deductions for the year under the following
circumstances:
Note: Leave no answer blank. Enter zero if applicable.
b. Suppose that Charles holds the land for rent.
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