ACC 330 Module Two Income Assignment

Question #72 of 85   Question ID: 1251879 Jamie has an adjusted gross income this year of $40,000. He would like to reduce his income taxes. During the year, he plans to contribute property valued at $20,000 to the National Federation for the Blind, a qualified public charity. Which one of the following statements regarding the income tax implications for Jaime of a charitable gift is correct?     A) If Jamie gave an interest in a parcel of commercial real estate, held short term, with a fair market value of $20,000 and a basis of $15,000, he can deduct either the fair market value of the property or his basis in this property.     B) If Jamie gave a life insurance policy, with a replacement cost of $20,000, on which he has paid net premiums of $5,500, he could deduct either $20,000 or $5,500.     C) If Jamie gave a collection of first edition books in braille (which the charity would display in its collection), held long term, valued at $20,000 with a basis of $9,000, he…

Question Content Area Victor and Maggie file a joint tax return for 2022 with adjusted gross income of $104,000. Victor and Maggie earned income of $30,000 and $74,000, respectively, during 2022. In order for both parents to be gainfully employed, they pay the following child care expenses for their 4-year-old son, J.J.:   Union Day Care Center $6,700Wendy (Victor's mother) for babysitting 4,000   What is the amount of the child and dependent care credit they should report on their tax return for 2022 (assume no tax liability limitation)?   a. $780   b. $3,745   c. $3,000   d. $2,899

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Simone a single taxpayer solve this general accounting question

Question 23 Tim and George file their tax return as married filing jointly. Their combinedAGI i 57.500. They have medical expenses as folows Preseription Medications $600 Dental Care $4,500 Emergency Room Vinits S1,500 X-Rays and Imaging S800 They received reimbursements from their insurance company in the amount of S1.651. How much can they claim as a deduction for medical expenses (after 1imitations)? a) $0 O b) $1,436 c) $5,749 d) $7,400 Question 24 ( Caroline, a single taxpayer, owns 2,000 shares of qualifying small business stock that she purchased for S230,000. During the current year, she sells 800 of the shares for $35,000. If this is the only stock Caroline sells during the year, what can she deduct as an ordinary and capital loss? a) Ordinary loss Capital loss $57,000 $-0- b) Ordinary loss Capital loss $50,000 $3,000 c) Ordinary loss Capital loss $50,000 $7,000 d) Ordinary loss Capital loss $-0- $3,000 e) Ordinary loss Capital loss $-0- $60,000

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o $275 Cash contributions to the Red Cross o $200 Fair market value of clothing in good condition donated to the Salvation Army (Helen purchased the clothing for o $7,300 Mortgage interest o $2,300 Real estate tax o $150 Homeowners association fees o $3,000 Gambling losses 12. What amount of gambling losses is Helen eligible to claim as a deduction on her Schedule A? a. $0 b. $1,000 $2,000 O d. $3,000

Answer last two subpart  only