1.While preparing Massie Miller's 2020 Schedule A, youreview the following list of possible charitable deductionsprovided by Massie:$1,000Cash contribution to a family whose house burned downTime while working as a volunteer at Food Bank(5 hours @ $50/hour)Cash contribution to United Methodist Church (receipt provided)Cash contribution to Salvation Army (note from Massie: “I can'tremember exactly the amount that I gave and I can't find the receipt.I think it was around $500.")Total250800500$2,550What would you say to Massie regarding her listeddeductions? How much of the deduction is allowed forcharitable contributions?

The charitable contributions deduction allows taxpayers to deduct contributions of cash and property…

Answered: 1.While preparing Massie Miller's 2020…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Check my work mode : This shows what is correct or incorrect for the work you have com Required information [The following information applies to the questions displayed below.] In 2021, OCC Corporation made a charitable donation of $400,000 to the American Red Cross. For the year, OCC reported taxable income of $1,500,000 before deducting any charitable contributions, before deducting its $20,00 dividends-received deduction, and before deducting its $40,000 NOL carryover from last year. Assume the donation is a qualified contribution. a. What amount of the $400,000 donation is OCC allowwed to deduct for tax purposes in 2021, what is the carryover to 2022, and when does the carryover expire? XAnswer is complete but not entirely correct. Deductible donation 2$ 146,000 X Carryover $ 54,000 X Carryover expire 2031 X Ac Graw Hill .... ... .
Rebecca is an undergraduate at Big State University. She was awarded a $32,000 "full scholarship" which paid for her: • Tuition: $17,000 • Campus Housing: $6,500 • Books: $2,500 • Meals: $6,000 What amount of the scholarship must Rebecca include in her Gross Income? Group of answer choices. $6,000. $9,000. $12,500. $19,500.
TODICHT Charitable Contributions (LO 5.9) JI Hartley, a single taxpayer, donates cash of $600 and also provides some gently-used clothing worth $150 to a local church. Hartley does not itemize deductions. What is the nature of any deduction for these items for Hartley in 2023? Since Hartley does not itemize, she is entitled to a $ deduction for cash contributions in 2023.
Use Patty's charitable contribution information from the above question to answer the following question: Now Assume that Patty's AGI for 2023 is $125,000. Calculate Patty's itemized deduction for charitable contributions for 2023 based on the above information, considering all relevant AGI limitations.
2. Curtis had AGI of $150,000 in 2022. He donated a painting to the American Heart Association, a qualified charitable organization. The fair market value of the painting is $65,000, and Curtis purchased it three years ago for $50,000. The charity indicated that it would sell the painting to generate cash to fund medical research. Determine the amount of charitable contribution deduction for 2022. a) $75,000. b) $50,000. c) $65,000. d) $45,000.
Required information [The following information applies to the questions displayed below.] Calvin reviewed his canceled checks and receipts this year (2023) for charitable contributions, which included an antique painting and IBM stock. He has owned the IBM stock and the painting since 2005. Donee Hobbs Medical Center State Museum A needy family United Way Item IBM stock Antique painting Food and clothes Cash Cost $ 7,200 6,100 620 30,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Note: Leave no answer blank. Enter zero if applicable. Charitable contribution deduction Carryover FMV $ 44,000 3,660 370 30,000 d. Calvin's AGI is $210,000 and Hobbs is a private nonoperating foundation. Answer is complete but not entirely correct. $ 33,660 X 0
Your client, a carpenter, donated one of his handcrafted wooden desks to his church, a qualified public charity. The church sold the desk at an auction for $3,500, which is comparable to the standard price for the client's other woodwork. He calculated his costs as follows: Wood $1,000 Other materials $300 Rent for workshop $500 Time and services $1,700 This is his only charitable contribution. He itemizes deductions and has an adjusted gross income of $80,000. What is the maximum current year income tax deduction allowable for the client's charitable contribution? A)$3,500 B)$1,800 C)$500 D)$1,300
[The following information applies to the questions displayed below.] Calvin reviewed his canceled checks and receipts this year (2023) for charitable contributions, which included an antique painting and IBM stock. He has owned the IBM stock and the painting since 2005. Donee Hobbs Medical Center State Museum A needy family United Way c. Calvin's AGI is $169,000. Item Charitable contribution deduction Carryover IBM stock Antique painting Food and clothes Cash Cost $ 9,800 7,400 880 56,000 FMV $70,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Note: Leave no answer blank. Enter zero if applicable. 4,440 530 56,000
Alpesh
-Calvin’s AGI is $110,000, but the State Museum told Calvin that it plans to sell the painting. What is the Charitable contribution deduction?
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) $14,400
Calvin reviewed his canceled checks and receipts this year (2023) for charitable contributions, which included an antique painting and IBM stock. He has owned the IBM stock and the painting since 2005. Donee Hobbs Medical Center State Museum A needy family United Way Item IBM stock Antique painting Food and clothes Cash Charitable contribution deduction Carryover e. Calvin's AGI is $100,000, but the painting is worth $10,000. Cost $ 5,000 5,000 400 8,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Note: Leave no answer blank. Enter zero if applicable. FMV $ 22,000 3,000 250 8,000

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