MCGRAW-HILL'S TAX.OF INDIV.+BUS.2020
20th Edition
ISBN: 9781259969614
Author: SPILKER
Publisher: MCG
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Textbook Question
Chapter 2, Problem 73P
Shaun is a huge college football fan. In the past, he has always bought football tickets on the street from ticket scalpers. This year, he decided to join the university’s ticket program, which requires a $2,000 contribution to the university for the “right” to purchase tickets. Shaun will then pay $400 per season ticket. Shaun understands that the price paid for the season tickets is not tax deductible as a charitable contribution. However, contributions to a university are typically tax deductible.
- a) Use an available tax service to determine how much, if any, of Shaun’s $2,000 contribution for the right to purchase tickets is tax deductible.
- b) Write a letter to Shaun communicating the results of your research.
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Shuan is a huge college football fan. In the past, he has always bought football tickets on the street from ticket scalpers. This year he decided to join the university’s ticket program, which require a $2,000 contribution to the university for the “right” to purchase tickets. Shaun will then pay $400 per season ticket. He understands that the price paid for the season tickets is not tax deductible as a charitable contribution. However, contribution to a university is typically tax deductible.
use an available tax service to determine how much, if any, of Shaun’s $2,000 contribution for the right to purchase ticket is tax deductible.
Write a memo communicating the results of your research.
Owen is considering giving a large charitable contribution to an organization in the current year.
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48000
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to a public charity, he can deduct $24000
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traded stock to a private nonoperating foundation, he can deduct $ 16000
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90000
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Sherry donates $5,000 to the university in exchange for the right to purchase tickets for the upcoming football season. How should she treat the contributon.
Chapter 2 Solutions
MCGRAW-HILL'S TAX.OF INDIV.+BUS.2020
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