Hugh, a self-employed individual, paid the following amounts during the year: real estate tax on iowa residence: 3,800state income tax: 1,700real estate taxes on land in puerto rico (held as an investment): 1,100gift tax paid on gift to daughter: 1,200state sales taxes: 1,750state occupational license fee: 300property tax on value of his automobile (used 100% for business): 475what is the maximum amount hugh can claim as taxes in itemizing deductions from agi? (a) $6,600(b) $6,650(c) $7,850(d) $8,625(e) none of the above

Wo firms, a and b, each currently dump 50 tons of chemicals into the local river. the government has decided to reduce the pollution and from now on will require a pollution permit for each ton of pollution dumped into the river. it costs firm a $100 for each ton of pollution that it eliminates before it reaches the river, and it costs firm b $50 for each ton of pollution that it eliminates before it reaches the river. the government gives each firm 20 pollution permits. government officials are not sure whether to allow the firms to buy or sell the pollution permits to each other. what is the total cost of reducing pollution if firms are not allowed to buy and sell pollution permits from each other? what is the total cost of reducing pollution if the firms are allowed to buy and sell permits from each other? a. $3,000; $1,500 b. $4,500; $3,500 c. $4,500; $4,000 d. $4,500; $2,500