Mary purchased a home in 2020 for $200,000. She made a 20-percent down payment and financed the rest with a 15- year loan at six percent. In 2020, she took out a $20,000 home equity loan and used the proceeds to go on a trip around the world. In 2021, her interest payments were $9,600 on her mortgage and $1,400 on her home equity loan. What amount can she deduct in 2021 as an itemized deduction

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You are chairman of the board of a successful technology firm. there is a nominal federal corporate tax rate of 35 percent, yet the effective tax rate of the typical corporation is about 12.6%. your firm has been clever with use of transfer pricing and keeping money abroad and has barely paid any taxes over the last 5 years; during this same time period, profits were $28 billion. one member of the board feels that it is un-american to use various accounting strategies in order to avoid paying taxes. others feel that these are legal loopholes and corporations have a fiduciary responsibility to minimize taxes. one board member quoted what the ceo of exxon once said: “i’m not a u.s. company and i don’t make decisions based on what’s good for the u.s.” what are the alternatives? what are your recommendations? why do you recommend this course of action?

10.     lucy is catering an important luncheon and wants to make sure her bisque has the perfect consistency. for her bisque to turn out right, it should have the consistency of a. cold heavy cream. b. warm milk. c. foie gras. d. thick oatmeal. student d   incorrect