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52. On April 1, 2010, Paul sold a house to Amy. The property tax on
the house, which is based on a calendar year, was due September 1,
2010. Amy paid the full amount of property tax of $ 2,500. Calculate
both Paul’s and Amy’s allowable deductions for the property tax.
Assume a 365 day year.
53. In 2009 Sherri, a single taxpayer, had $3,600 in state tax withheld
from her paycheck. She properly deducted that amount on her 2009
tax return as an itemized deduction that she qualified for, thus
reducing her tax liability. After filing her 2009 tax return, Sherri
discovered that she had overpaid her state tax by $316. She received
her refund in July 2010. What must Sherri do with the $ 316 refund?
Explain your answer.
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ACC 401 Week 2 Quiz (UOP)
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QUIZ 2
1) Henry graduated from university of Maryland in 2006, in 2009, to
take advantage of lower interest rates, he refinanced his qualified
education loans with another loan. He is not a dependent on another