This year Bill received a $900 refund of state income taxes that he paid last year. Last year Bill claimed itemized deductions of $15,000 including $2,800 of state income taxes. How much of the refund, if any, must Bill include in gross income if the standard deduction last year was $12,400? A. $0 B. $900 C. $1,000 D. $2,800 E. $6,300

This year Bill received a $900 refund of state income taxes that he paid last year. Last year Bill claimed itemized deductions of $15,000 including $2,800 of state income taxes. How much of the refund, if any, must Bill include in gross income if the standard deduction last year was $12,400? A. $0 B. $900 C. $1,000 D. $2,800 E. $6,300

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Please help me with e and f. Thanks!