Homework Answers
Answer for 4 -
The answer is option c. $60,000. Since the total AGI is $120,000 and charitable contribution cannot exceed 50% of total AGI, which amounts to $60,000
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explain please! 4. A calendar year taxpayer made the following charitable contributions in the current year: Cash to...
eBook Calculator Exercise 9-22 (Algorithmic) (LO. 8) In 2019, Ava, an employee, who hles single, has...
eBook Calculator Exercise 9-22 (Algorithmic) (LO. 8) In 2019, Ava, an employee, who hles single, has AGI of $33,200 and incurred the following miscellaneous itemized deductions this year: • Union dues and work uniforms: $840 • Home office expenses: $2,520 • Unreimbursed employee expenses: $1,176 • Gambling losses to the extent of gambling winnings: $1,825. What is Ava's total itemized deduction related to these items? Feedback Check My Work Many itemized dyductions, such as medical expenses and charitable contributions, are...
eBook Calculator Exercise 9-22 (Algorithmic) (LO. 8) In 2019, Ava, an employee, who hles single, has...
eBook Calculator Exercise 9-22 (Algorithmic) (LO. 8) In 2019, Ava, an employee, who hles single, has AGI of $33,200 and incurred the following miscellaneous itemized deductions this year: • Union dues and work uniforms: $840 • Home office expenses: $2,520 • Unreimbursed employee expenses: $1,176 • Gambling losses to the extent of gambling winnings: $1,825. What is Ava's total itemized deduction related to these items? Feedback Check My Work Many itemized dyductions, such as medical expenses and charitable contributions, are...
In 2019, Ava, an employee, who files single, has AGI of $35,400 and incurred the following...
In 2019, Ava, an employee, who files single, has AGI of $35,400 and incurred the following miscellaneous itemized deductions this year: Union dues and work uniforms: $540 Home office expenses: $1,620 Unreimbursed employee expenses: $756 Gambling losses to the extent of gambling winnings: $2,025. What is Ava’s total itemized deduction related to these items?
#27) A taxpayer donates land to his church. The taxpayer paid $55,000 for the land several...
#27) A taxpayer donates land to his church. The taxpayer paid $55,000 for the land several years ago. It is worth $75,000 at the time it was donated. This was the only charitable contribution the taxpayer made during the year. If the taxpayer's AGI is $100,000, which of the following could be an accurate statement regarding the taxpayer's charitable deduction for the land? Group of answer choices a-The taxpayer deducts $55,000 in the current year b-The taxpayer deducts $30,000 in...
Ray Ray made the following contributions this year. 3 Charity Property Athens Academy School Cash United...
Ray Ray made the following contributions this year. 3 Charity Property Athens Academy School Cash United Way Cash American Heart Association Antique painting First Methodist Church Coca-Cola stock Cost FRV $ 5,950 $ 5,950 5,050 5,050 16,650 83,250 14,700 22,050 1:37:13 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. Ray Ray has...
During the current year, Gray Corporation, a C corporation in the financial services business, made charitable...
During the current year, Gray Corporation, a C corporation in the financial services business, made charitable contributions to qualified organizations as follows: ∙ Stock (basis of $20,000, fair market value of $45,000) in Drab Corporation, held for six months as an investment, to the Salvation Army. (Salvation Army plans on selling the stock.) ∙ Painting (basis of $90,000, fair market value of $250,000), held for four years as an investment, to the Museum of Fine Arts. (The Museum plans on...
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....
46. Jose, a single taxpayer, has the following tax information for the current year. • Charitable...
46. Jose, a single taxpayer, has the following tax information for the current year. • Charitable contribution of real property with a FMV of $30,000 (adjusted basis $20,000) for which a $30,000 deduction was taken for regular tax. • Research and experimental expenses of $50,000 deducted in full for regular tax. Jose’s total tax preferences and adjustments equals A) $5,000. B) $35,000. C) $41,000. D) $45,000. 48. Which of the following statements is incorrect regarding qualifying criteria for the health...
Explain please 46. Fernando, a single taxpayer, has the following tax information for the current year....
Explain please
46. Fernando, a single taxpayer, has the following tax information for the current year. Charitable contribution of real property with a FMV of $30,000 (adjusted basis $20,000) for which a S30,000 deduction was taken for regular tax. Research and experimental expenses of $50,000 deducted in full for regular tax. Fernando's total tax preferences and adjustments equals A) $5,000. B) $36,000. C) $41,000. D) $45,000.
Ramon had AGI of $218,000 in 2019. He is considering making a charitable contribution this year...
Ramon had AGI of $218,000 in 2019. He is considering making a charitable contribution this year to the American Heart Association, a qualified charitable organization. Determine the current allowable charitable contribution deduction in each of the following independent situations, and indicate the treatment for any amount that is not deductible currently. Identify any planning ideas to minimize Ramon's tax liability. a. A cash gift of $109,000. In the current year, Ramon may deduct $ since his charitable contribution is limited...
eBook Calculator Exercise 9-22 (Algorithmic) (LO. 8) In 2019, Ava, an employee, who hles single, has AGI of $33,200 and incurred the following miscellaneous itemized deductions this year: • Union dues and work uniforms: $840 • Home office expenses: $2,520 • Unreimbursed employee expenses: $1,176 • Gambling losses to the extent of gambling winnings: $1,825. What is Ava's total itemized deduction related to these items? Feedback Check My Work Many itemized dyductions, such as medical expenses and charitable contributions, are...
eBook Calculator Exercise 9-22 (Algorithmic) (LO. 8) In 2019, Ava, an employee, who hles single, has AGI of $33,200 and incurred the following miscellaneous itemized deductions this year: • Union dues and work uniforms: $840 • Home office expenses: $2,520 • Unreimbursed employee expenses: $1,176 • Gambling losses to the extent of gambling winnings: $1,825. What is Ava's total itemized deduction related to these items? Feedback Check My Work Many itemized dyductions, such as medical expenses and charitable contributions, are...
Ray Ray made the following contributions this year. 3 Charity Property Athens Academy School Cash United Way Cash American Heart Association Antique painting First Methodist Church Coca-Cola stock Cost FRV $ 5,950 $ 5,950 5,050 5,050 16,650 83,250 14,700 22,050 1:37:13 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. Ray Ray has...
Explain please
46. Fernando, a single taxpayer, has the following tax information for the current year. Charitable contribution of real property with a FMV of $30,000 (adjusted basis $20,000) for which a S30,000 deduction was taken for regular tax. Research and experimental expenses of $50,000 deducted in full for regular tax. Fernando's total tax preferences and adjustments equals A) $5,000. B) $36,000. C) $41,000. D) $45,000.
Ramon had AGI of $218,000 in 2019. He is considering making a charitable contribution this year to the American Heart Association, a qualified charitable organization. Determine the current allowable charitable contribution deduction in each of the following independent situations, and indicate the treatment for any amount that is not deductible currently. Identify any planning ideas to minimize Ramon's tax liability. a. A cash gift of $109,000. In the current year, Ramon may deduct $ since his charitable contribution is limited...
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