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For the last completed calendar year, J. David and Nancy file...

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Accounting

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For the last completed calendar year, J. David and Nancy file a California joint return reflecting AGI of $450,000 (fed). Their itemized deductions are: Medical Casualty Loss (not covered by insurance) Interest on home mortgage Property taxes on home Charitable contributions State income tax $12,000 $16,000 $20,000 $12,000 $11,000 $8,000 O The itemized deductions for California will be the same as the federal. The California deductions will not be the same as the federal because there is a phase-out of itemized deductions in California that is different from the federal phase-out The California itemized deductions will not be the same as the federal because California state income tax is not deductible on the California return. 0 O None of the above Band C

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