SWFT Corp Partner Estates Trusts
SWFT Corp Partner Estates Trusts
42nd Edition
ISBN: 9780357161548
Author: Raabe
Publisher: Cengage
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42. The does this situation accurately reflect the taxation of the item of miscellaneous income for tax year 2023

 
A. Interest earned on a $1 million dollar settlement that took 3 years to collect should be reported on schedule B.
 
B. Attorney fees can be deducted from any lawsuit settled to come to the taxable amount. 
 
C. Hobby losses should be reported net on form 1040 schedule 1 line 8
.
D. Hobby and come should be reported on form 1040 schedule 1 line 8.5
SAVE
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