Problem 1: Allison, who is single, incurred $4,000 for unreimbursed employee expenses, $10,000 for mortgage interest and real estate taxes on her home, and $500 for investment counseling fees. Allison's AGI is $80,000. Allison's allowable deductions from AGI are (after limitations have been applied)
A) $10,500.
B) $12,900.
C) $14,000.
D) $14,500.
Problem 2: Paul makes the following property transfers in the current year:
- $22,000 cash to his wife
- $34,000 cash to a qualified charity
- $220,000 house to his son
- $3,000 computer to an unrelated friend
The total of Paul's taxable gifts, assuming he does not elect gift splitting with his spouse, subject to the unified transfer tax is
A) $207,000.
B) $223,000.
C) $245,000.
D) $279,000.