Baylen, whose adjusted gross income is $60,000, purchases a new home during the year, borrowing $300,000 from Century National Bank to finance the purchase. He also pays $3,000 in points and $4,500 in loan origination fees. During the year, he pays interest of $14,000 on the loan. What is Baylen's allowable interest deduction?
A. $14,000
B. $15,800
C. $17,000
D. $18,800
E. $23,300
Answer: C
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A retail store has goods available for sale of $2 million at retail and $1,100,000 at cost, and ending inventory of $160,000 at retail. What is the estimated cost of ending inventory?
A) $128,000 B) $160,000 C) $110,000 D) $88,000
Using a 360-day year, the maturity value of a 60-day note for $24,000 at 7% annual interest is (rounded to the nearest cent):
A) $24,000.00. B) $23,720.00. C) $24,280.00. D) $280.00.
If time and costs are important to a project the top-down approach to estimating time and costs for the project is the best choice.
Answer the following statement true (T) or false (F)
As a result of the Sarbanes-Oxley Act, financial reporting costs were reduced, and many non-U.S. firms decided to place new issues of their stock in the United States
a. True b. False