Determine the effect on the amount of each deduction, Accounting Basics

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Determine the effect on the amount of each deduction

Question: Mr. and Mrs. Remy have the following allowable itemized deductions this year: Medical expenses $ 2,310 State and local taxes 4,019 Casualty loss 8,000 Charitable contributions 2,500 Required: Determine the effect on the amount of each deduction if the Remys engage in a transaction generating $20,000 additional AGI on this year's Form 1040. Assume the taxable year is 2023

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Accounting Basics: Determine the effect on the amount of each deduction

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