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Question 1.1. (TCOs 2 and 3) Evelyn sold her personal residence to Drew on March 1 for $300,000. Before the sale, Evelyn paid the real estate taxes of $3,000 for the calendar year. For income tax purposes, the real estate tax deduction is apportioned as follows: $750 to Evelyn and $2,250 to Drew. Drew’s basis in the residence is _.(Points : 5)
$297,750
$299,250
$300,750
$302,250
None of the above
Question 2.2. (TCOs 3, 4, 5, and 7) Which of the following is a deduction for AGI? (Points : 5)
Casualty losses
Charitable contributions
Real estate tax on personal residence
Qualified tuition expense
None of the above