Which of the following are characteristics of a gift tax charitable deduction? It is only for the amount of the charitable gift in excess of the annual exclusion amount. It allows up to 50% of the value of the gifted property to go to charity free of gift tax. The donee charity assumes any gift tax liability. It is available only for gifts to a qualified charity.     A) II and III     B) I and IV     C) III and IV     D) I and II

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Under which of the following conditions would a penalty not be imposed when there is a property overvaluation donated to charity? A there is reasonable cause for the misstatement B all are true taxpayer acted in good faith a qualified appraiser oervalues the property and taxpayer relied on that appraisal

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Davis, an officer for a § 501(c)(3) organization, receives benefits in the form of an overly generous health insurance plan; these benefits are inappropriate in the context of a charitable entity of its type. The excess benefits are determined to be $79,000. Davis does not pay back the excess benefits to the organization before the first-level tax is due. a. Apply the rules for intermediate sanctions. The first-level taxes imposed are as follows: On the exempt organization management: $ 19,750 X On Davis: $ 7,900 X.

In 2021, LAA Incorporated made a charitable donation of $151,500 to the American Red Cross. For the year, LAA reported taxable income of $622,000, which included a $151,500 charitable contribution deduction (before limitation), a $68,500 dividends-received deduction, and a $18,100 net operating loss carryover from year 2020. What is LAA Incorporated's charitable contribution deduction for 2021? Assume the charitable donation is not a qualified contribution because LAA Incorporated. Did not make the necessary election. Charitable contribution deduction for year 1

Henry has established a revocable living trust, which he has only partially funded. Which of the following statements regarding this trust is CORRECT? Any assets that have been transferred to the trust before Henry's death will be subject to probate. Any income from the trust assets is taxable to the trust at trust income tax rates. Any assets that are not transferred to the trust before Henry's death will be subject to probate. A)II only   B)III only   C)I only   D)II and III

Remsco has taxable income of $73,000 and a charitable contribution limit modified taxable income of $78,500. Its charitable contributions for the year were $8,020. What is Remsco's current-year charitable contribution deduction and contribution carryover (assuming Remsco does not elect to use the 25% of modified taxable income to determine its charitable contribution deduction)? Please pay attention to the note n bold

The XYZ Trust has two income beneficiaries. The trust can distribute any amount of accounting income to the beneficiaries and corpus.   Taxable interest income                                    40,000 Tax-exempt income interest income                  20,000 Long-term capital gains-allocable to corpus        80,000 Legal and accounting fees-allocable to corpus      9,000 Money distributed to Beneficiary A                    13,000 Money distributed to Beneficiary B                    26,000   Determine the following:   Trust Accounting Income________________________         Taxable Income________________________________         Distributable Net Income (DNI)____________________

Remsco has taxable income of $67,000 and a charitable contribution limit modified taxable income of $75,500. Its charitable contributions for the year were $7,780. What is Remsco's current-year charitable contribution deduction and contribution carryover? Multiple Choice $6,700 current-year deduction; $1,080 carryover. $7,780 current-year deduction; $0 carryover. $850 current-year deduction; $6,930 carryover. $7,550 current-year deduction; $230 carryover.