Business, 04.04.2020 02:03 cuhh

Mitch is in the 24% tax bracket. He may receive a different tax benefit for a $2,000 expenditure that is classified as
a deduction from AGI than he will receive for a $2,000 expenditure that is classified as a deduction for AGI.
True
RATIONALE: The value of the tax benefit to Mitch for the deduction from AGI may be less than
that for the deduction for AGI. The value of the deduction for AGI for a taxpayer in
the 24% bracket for a $2,000 expenditure is $480 ($2,000 × 24%). If Mitch takes the
standard deduction rather than itemizing deductions, then the $2,000 expenditure that
is classified as a deduction from AGI has no tax benefit.

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Mitch is in the 24% tax bracket. He may receive a different tax benefit for a $2,000 expenditure tha...

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