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Problem:

This year Mark received a $600 refund of state income tax. Mark could have deducted $1,100 of state income tax on the prior year return.

Required:

Question: What amount of the refund, if any, should Mark deduct if he filed using the standard deduction?

Note: Provide support for your rationale.

Basic Finance, Finance

  • Category:- Basic Finance
  • Reference No.:- M91162869

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