Charitable Donations Tax Credit 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.

Tax Form 6251 Johnetta Boudreaux, single, had taxable income of $550,000 in 2021. She itemized her deductions which consisted of the following: State income taxes                    $ 8,400 Property taxes                           $ 9,300 Mortgage interest expense        $18,900 Charitable contributions            $12,000 Johnetta also had a state tax refund from 2020 of $2,400 received in 2021. She has itemized her deductions for the last seven years. Johnetta claimed Percentage Depletion of $420,000 for 2021 for a coal mine that she owns. The basis of the property at the end of the year, not including the $420,000, is $180,000. She also has interest of $1,200 from Private Activity Bonds purchased in 2018. Complete Form 6251 for Johnetta Boudreaux for the year of 2021. Her Social Security Number is 123-45-2020.

Budget Corporation is a personal service corporation. Its taxable income for the current year is $75,000. What is the Budget's income tax liability for the year 2023?

How much is the gross income under accrual basis? A taxpayer engaged in service business provides you with the following: Description 2019 2020 Collections from services rendered-current P600,000 P800,000 Billings for revenues earned but uncollected 500,000 200,000 Collections from uncollected billings in 2019 470,000 Collections from uncollected billings in 2020 50,000 Advance collections for services not yet rendered 300,000 200,000 2019:P1,400,000; 2020: P1,200,000 2019: P1,400,000; 2020: P1,720,000 2019: P500,000; 2020: P720,000 O 2019: P800,000; 2020: P920,000