A. Discuss in detail the conditions that must be fulfilled for contributions to charitable organizations to...
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A. Discuss in detail the conditions that must be fulfilled for
contributions to charitable organizations to...
On pages 6-15 and 6-16 (Section 6-3b), the text explains that taxpayers are not allowed a business deduction for political contributions or for expenses incurred for lobbying activities. How does the...
On pages 6-15 and 6-16 (Section 6-3b), the text explains that taxpayers are not allowed a business deduction for political contributions or for expenses incurred for lobbying activities. How does the IRS define what is a “political contribution” that cannot be deducted? Is the disallowance limited to outright gifts, or does it extend to less direct methods of providing funds to a candidate or party? If the latter, please explain the circumstances in which the disallowance applies to something that...
explain please! 4. A calendar year taxpayer made the following charitable contributions in the current year: Cash to...
explain please!
4. A calendar year taxpayer made the following charitable contributions in the current year: Cash to the church: $5,000. Land to the university: $40,000 cost basis; $70,000 fair market value. The land had been held as an investment and was acquired 5 years ago. If the taxpayer's AGI is $120,000 and the reduced deduction election is not made, what is the maximum allowable charitable contribution deduction for the current year? a. $41,000 b. $45,000 c. $60,000 d. $75,000...
Which of the following is not an adjustment or tax preference item for 2018 for purposes...
Which of the following is not an adjustment or tax preference item for 2018 for purposes of the individual alternative minimum tax (AMT)? a.Certain passive losses b.Interest from private activity bonds c.Cash charitable contributions d.State income tax refunds e.All of these choices are adjustment or tax preference items for AMT. The Individual Alternative Minimum Tax (AMT) (LO 6.5) Otto and Monica are married taxpayers who file a joint tax return. For the current tax year, they have AGI of $111,600....
Each year, Tom and Cindy Bates (married filing jointly) normally have itemized deductions of $20,000 (which...
Each year, Tom and Cindy Bates (married filing jointly) normally have itemized deductions of $20,000 (which includes an annual $4,000 pledge payment to their church). Upon the advice of a friend, they do the following: In early January 2019, they pay their pledge for 2018; during 2019, they pay the pledge for 2019; and in late December 2019, they prepay their pledge for 2020. a. What are the Bateses trying to accomplish? . b. What would the Bates' total itemized...
Notes: in 2018 single taxpayers and married taxpayers who file separate returns can claim a $12,000...
Notes: in 2018 single taxpayers and married taxpayers who file separate returns can claim a $12,000 standard deduction. Married couples filing jointly can claim an amount that's twice as large, $24,000, and taxpayers filing as "head of household" (single individuals with dependents) can claim a standard deduction of $18,000. Question: Paul and Sonja, who are married, reported 2018 itemized deductions of $13,200 and $400, respectively. Paul suggests that they file their Federal income tax returns separately- he will itemize his...
The Internal Revenue Service is studying the category of charitable contributions. A sample of 24 returns...
The Internal Revenue Service is studying the category of charitable contributions. A sample of 24 returns is selected from young couples between the ages of 20 and 35 who had an adjusted gross income of more than $100,000. Of these 24 returns, 8 had charitable contributions of more than $1,000. Suppose 7 of these returns are selected for a comprehensive audit. a. Explain why the hypergeometric distribution is appropriate. Because you are sampling a small population without replacement. you are...
The Internal Revenue Service is studying the category of charitable contributions. A sample of 22 returns...
The Internal Revenue Service is studying the category of charitable contributions. A sample of 22 returns is selected from young couples between the ages of 20 and 35 who had an adjusted gross income of more than $100,000. Of these 22 returns, 7 had charitable contributions of more than $1,000. Suppose 6 of these returns are selected for a comprehensive audit. Explain why the hypergeometric distribution is appropriate. Because: (Pick one) you are sampling a small population without replacement. you...
Please help solving (b) Manuel and Fernando own and operate an electronics store, Electronica, as an...
Please help solving (b)
Manuel and Fernando own and operate an electronics store, Electronica, as an S corporation. Manuel owns 70%, and Fernando owns 30%. For the current year, the store reports the following: Sales revenue $1,000,000 8,000 Long-term capital gains Business expenses (840,000) Charitable contributions Non-deductible expenses (9,000) (4,000) (15,000) $140,000 Short-term capital losses Operating income a. How must Electronica report its results to Manuel and Fernando for tax purposes? Manuel Fernando Taxable ordinary income $ $ Long-term capital...
1. Explain the logics behind collective security organizations and alliances, and discuss in detail an example...
1. Explain the logics behind collective security organizations and alliances, and discuss in detail an example of each. Which is more likely to prevent conflict, and why? 2. What are preemptive and preventive wars, and what are the differences between them? Give an historical example of each.
its matching PPPLPPPH 4 Jearch this Lomponents to Taxable Income Terminology Match the terms relating to...
its matching
PPPLPPPH 4 Jearch this Lomponents to Taxable Income Terminology Match the terms relating to the basic terminology and concepts of personal taxation on the left with the descriptions of the terms on the right. Read each description carefully and type the letter of the description in the Answer column next to the correct term. These are not necessarily complete definitions, but there is only one possible answer for each term. Term Answer Description Adjustments A. This term includes...
explain please!
4. A calendar year taxpayer made the following charitable contributions in the current year: Cash to the church: $5,000. Land to the university: $40,000 cost basis; $70,000 fair market value. The land had been held as an investment and was acquired 5 years ago. If the taxpayer's AGI is $120,000 and the reduced deduction election is not made, what is the maximum allowable charitable contribution deduction for the current year? a. $41,000 b. $45,000 c. $60,000 d. $75,000...
The Internal Revenue Service is studying the category of charitable contributions. A sample of 24 returns is selected from young couples between the ages of 20 and 35 who had an adjusted gross income of more than $100,000. Of these 24 returns, 8 had charitable contributions of more than $1,000. Suppose 7 of these returns are selected for a comprehensive audit. a. Explain why the hypergeometric distribution is appropriate. Because you are sampling a small population without replacement. you are...
Please help solving (b)
Manuel and Fernando own and operate an electronics store, Electronica, as an S corporation. Manuel owns 70%, and Fernando owns 30%. For the current year, the store reports the following: Sales revenue $1,000,000 8,000 Long-term capital gains Business expenses (840,000) Charitable contributions Non-deductible expenses (9,000) (4,000) (15,000) $140,000 Short-term capital losses Operating income a. How must Electronica report its results to Manuel and Fernando for tax purposes? Manuel Fernando Taxable ordinary income $ $ Long-term capital...
its matching
PPPLPPPH 4 Jearch this Lomponents to Taxable Income Terminology Match the terms relating to the basic terminology and concepts of personal taxation on the left with the descriptions of the terms on the right. Read each description carefully and type the letter of the description in the Answer column next to the correct term. These are not necessarily complete definitions, but there is only one possible answer for each term. Term Answer Description Adjustments A. This term includes...
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