ZuoTi.Pro
Question

27. (4 pts): The Johnsons had AGI in 2018 of $100,000 and they had the following charitable contributions: SHOW ALL WORK Cas
business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

ALLOWABLE CHARITABLE DEDUCTION

IN CASH

CHURCH $29000

RED CROSS $1500

UNITED WAY $3500 $34000

LONG TERM PROPERTY

CHURCH (FMV) $30000

TOTAL $64000

One rule to remember here is that the deduction is limited to 30% of your adjusted gross income (AGI). This differs from a 60% limit for donations of cash, but you can still give mixed donations (cash and appreciated assets) up to the 50% AGI limitation. If you’re not able to use the entire donation deduction this year, you can still carry forward unused deductions for five years.

Therefore, Total Maximum Deduction available in 2018 is $50000.

0 0
Add a comment
Know the answer?
Add Answer to:
27. (4 pts): The Johnson's had AGI in 2018 of $100,000 and they had the following...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Jp Ull Apnl 23, 2018, Bailey purchased a luxury automobile (under 6,000 lbs) for $25,000. The...

    Jp Ull Apnl 23, 2018, Bailey purchased a luxury automobile (under 6,000 lbs) for $25,000. The car is used 70% for business and 30% for personal use. What is the cost recovery deduction for 2018 assuming the 100% bonus was taken? 27. (4 pts): The Johnson's had AGI in 2018 of $100,000 and they had the following charitable contributions: SHOW ALL WORK Cash: Church Red Cross United Way $29,000 1,500 3,500 Long-term Property: Church FMV 30,000 Cost 13,000 Determine the...

  • Problem 7-33 (LO 7-1) (Algo) Ray Ray made the following contributions this year. Charity Property Cost...

    Problem 7-33 (LO 7-1) (Algo) Ray Ray made the following contributions this year. Charity Property Cost FMV Athens Academy School Cash $ 9,800 $ 9,800 United Way Cash 8,800 8,800 American Heart Association Antique painting 18,050 90,250 First Methodist Church Coca-Cola stock 16,400 24,600 Determine the maximum amount of charitable deduction for each of these contributions ignoring the AGI ceiling on charitable contributions and assuming that the American Heart Association plans to sell the antique painting to fund its operations....

  • In 2018 Zeus and Zilly made the following contributions to the following organizations. Charity Property Cost...

    In 2018 Zeus and Zilly made the following contributions to the following organizations. Charity Property Cost FMV Goodwill Clothes and misc. household items (several years old) $9,700 $2,350 Historical Museum Coin Collection $12,500 $89,700 Zeus and Zilly’s best friend whose house burned down Cash $2,500 $2,500 UNICEF organization Cash $10,500 $10,500 Toys for Tots New toys $1,500 $1,500 Beaumont Hospital Rigor stock $9,000 $4,000 Walker State University Exxon Mobil Stock (held 5 years) $14,500 $42,800 Minor State University Cash $35,000...

  • 3. Lindsay, a California resident with a federal AGI of $100,000, reported the following items on...

    3. Lindsay, a California resident with a federal AGI of $100,000, reported the following items on her federal Schedule A (Itemized Deductions): State taxes withheld Real estate taxes California SDI Personal property taxes on a vehicle Mortgage interest Tax preparation fees Charitable contributions Legal fees for tax representation $1,095 $1,452 $ 495 $ 265 $5,980 $ 150 $ 680 $ 700 What is the total amount of her California itemized deductions? a) $10,817 b) $ 8,872 c) $ 6,660 d)...

  • 1. Todd, who works for a public accounting firm, had the following transactions for 2018: Salary...

    1. Todd, who works for a public accounting firm, had the following transactions for 2018: Salary $ 85,000 Moving expenses incurred to change jobs (12,000) Inheritance received from deceased uncle 300,000 Life insurance proceeds from policy on uncle’s life (Todd was named the beneficiary) 200,000 Cash prize from church raffle 3,000 Payment of church pledge (4,500) >> What is Todd’s AGI for 2018? 2. In 2018, Alice earns a salary of $55,000, has capital gains of $3,000, and receives interest...

  • Bob and Mary Smith, a married couple, engaged you to prepare their 2018 individual income tax...

    Bob and Mary Smith, a married couple, engaged you to prepare their 2018 individual income tax return. Their address is 123 Main Street, Wilmore, KY. Their social security numbers and dates of birth are as follows: S. S. No. Date of Birth Bob 123-45-6789 December 1, 1955 Mary 098-76-5432 May 5, 1957 They provide you with the following income and expense information for 2018: • Bob is a CPA and his salary was $150,000. He had $17,500 in federal income...

  • 5. Joseph exchanged farmhouse that he used in his farming business for a building used by...

    5. Joseph exchanged farmhouse that he used in his farming business for a building used by Sandy in her motorcycle manufacturing business. The farmhouse had a FMV of $345,000 and cost $285,000. The allowable depreciation was $45,000, but because of an error, Joseph only took $25,000 of depreciation. The building had a FMV of $275,000 and an adjusted basis of $315,000. Because the building was expected to increase in value rapidly, Sandy only gave Joseph $45,000 cash. What is Joseph's...

  • Gleim 6 Deductions from AGI [1] Which one of the following expenses does not qualify as...

    Gleim 6 Deductions from AGI [1] Which one of the following expenses does not qualify as a deductible medical expense? A. Cost of long-term care for a developmentally disabled person in a relative’s home. B. Special school for a deaf child to learn lip reading. C. Cost of elevator installed for individual who had heart bypass surgery (in excess of increase in value of individual’s home). D. Cost and care of guide dogs used by a blind person in his...

  • Graded assignment 5 Gerald and Patty Hanson are married taxpayer with the following income and expenses...

    Graded assignment 5 Gerald and Patty Hanson are married taxpayer with the following income and expenses for 2018: . Gerald's w-2 wages: $80,000 . Patty's w-2 wages: 40,000 . Patty's sole proprietorship (Patty is a noted sculptor) Sales$20,000 o Materials (8,000) Depreciation (1,000) Interest income on their investments $5,000 Dividend income 500 I ditional, Gerald and at in Prescription drugs (after insurance) $450 . Vitamins 100 . Medical insurance premiums 1,350 . Braces for their son (not covered by insurance)...

  • 2018 Tax Return Problem- Calculate Roberta’s net tax payable or refund due for 2018. Use the...

    2018 Tax Return Problem- Calculate Roberta’s net tax payable or refund due for 2018. Use the appropriate forms and schedules. Roberta Santos, age 41, is single and lives at 120 Sanborne Avenue, Springfield, IL 60781. Her Social Security number is 123-45-6780. Roberta has been divorced from her former husband, Wayne, for three years. She has a son, Jason, who is 17, and a daughter, June, who is 18. Jason’s Social Security number is 111-11-1112, and June’s is 123-45-6788. Roberta does...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT