During the year, Cale Houston donated $60,000 to a Canadian registered charity. His net income for the year was $140,000. Calculate Cale's maximum federal non- refundable tax credit for charitable gifts. 9,000 19,764 17,400 17,372
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During the year, Cale Houston donated $60,000 to a Canadian registered charity. His net income for the year was $140,000. Calculate Cale's maximum federal non- refundable tax credit for charitable gifts. 9,000 19,764 17,400 17,372
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- Madeline made a cash gift of $30,000 to the American Cancer Society, a qualified public charity. Madeline itemizes her deductions and has an adjusted gross income of $48,000. What is the maximum income tax deduction allowable to Madeline in the current year for her charitable contribution? A) $28,800 B) $9,000 C) $30,000 D) $14,400Charitable Donations Tax Credit in Canada For 2020, Travis Hoffman has Net Income For Tax Purposes of $350,000 and Taxable Income of $325,000. During the year, he makes eligible charitable gifts of $225,000. Determine Mr. Hoffman’s 2020 charitable donations tax credit in CanadaS Ents sicoped Individual L donated $10,000 to a Canadian registered charity. L's taxable income is $226,000. What is the amount of the federal donation tax credit? (Enter the amount as a positive number.)
- Madeline made a stock gift of $40,000 to the American Cancer Society, a qualified public charity. Madeline itemizes her deductions and has an adjusted gross income of $120,000. What is the maximum income tax deduction allowable to Madeline in the current year for her charitable contribution? A) $40,000 B) $72,000 C) $36,000 D) $60,000This year, Dottie donated $15,000 in cash to her church and she also donated medical supplies with a fair market value and adjusted basis of $20,000 to the Red Cross. Dottie’s AGI for this year is $50,000. What is Dottie’s charitable income tax contribution deduction for the year? $35,000 $30,000 $25,000 $20,000Adolfo Kiloboy, a wealthy businessman and a resident citizen of the Philippines, donated to his friends during 2020: a.) January 15 – 180,000 b.) March 12 – 80,000 c.) April 5 – 100,000 d.) June 27 – 75,000 The donor’s tax due on January 15 is:
- 1. In year 6, Garland Corp. contributed $40,000 to a qualified Becker charitable organization. Garland's year 6 taxable income before the deduction for charitable contributions was $410,000. Included in that amount is a $20,000 dividends received deduction. Garland also had carryover contributions of $5,000 from the prior year. In year 6, what amount can Garland deduct as charitable contributions? a. $40,000 b. $41,000 c. $43,000 d. $45,000A taxpayer made charitable donations of $1,300 and their spouse donated $600 in 2023. Each of the individuals earned $70,000 of employment income. What would be the maximum federal donation tax credit (round to nearest dollar) the couple would claim in 2023? Multiple Choice O O O O $285 $349 $523 $591n 2010 Casey made a taxable gift of $5.7 million to both Stephanie and Linda (a total of $11.4 million in taxable gifts). Calculate the amount of gift tax due this year and Casey's unused applicable credit under the following alternatives. (Refer to Exhibit 25-1 and Exhibit 25-2.) Note: Enter your answers in dollars, not millions of dollars. Leave no answer blank. Enter zero if applicable. a. This year Casey made a taxable gift of $1 million to Stephanie. Casey is not married, and the 2010 gift was the only other taxable gift he has ever made.
