2 In 2021, Marvin, a single,cash basis taxpayer, took a $2,400 itemized deduction for state incometaxes paid. The deduction was not limited by the SALT cap. His total itemized deductions in 2021were $17,800. In 2022, Marvin received a $300 refund when he filed his 2021 state income taxreturn.How much of his refund must Marvin include in his gross income for 2022?

Deduction - A tax deduction is something you can take out of your taxable income in order to pay…

n 2021, Marvin, a single,cash basis taxpayer, took a $2,400 itemized deduction for axes paid. The deduction was not limited by the SALT cap. His total itemized dedu were $17,800. In 2022, Marvin received a $300 refund when he filed his 2021 state return. How much of his refund must Marvin include in his gross income for 2022?

n 2021, Marvin, a single,cash basis taxpayer, took a $2,400 itemized deduction for axes paid. The deduction was not limited by the SALT cap. His total itemized dedu were $17,800. In 2022, Marvin received a $300 refund when he filed his 2021 state return. How much of his refund must Marvin include in his gross income for 2022?

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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