Income Tax Fundamentals 2020
38th Edition
ISBN: 9780357391129
Author: WHITTENBURG
Publisher: Cengage
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Question
Chapter 5, Problem 27MCQ
To determine
Concept Introduction:
Charitable contributions are deductible from the gross income of the taxpayer subject to some conditions. A donation made in cash or in kind to a public church, school, and similar industries is allowed as a deduction from the gross income of the taxpayer.
To choose:The donation not deductible as charitable contribution.
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Students have asked these similar questions
Which of the following charitable contributions is not tax deductible?
a.Clothing donated to a qualified veterans' organization.
b.Cash donated to a qualified church.
c.Time donated to a qualified veterans' organization.
d.Donation of a car to a qualified nonprofit organization.
e.All of these choices are tax deductible.
Which of the following expenses is deductible from gross income?*
a. Contribution to a newspaper fund for needy families when such newspaper organizes a drive solely for charitable purposes.
b. Premiums paid by the self-employer for the life insurance of his employees
c. Contribution to the construction of a chapel of a university that declares dividends to its stockholders
d. Donation of prizes and awards to athletes in local and international competitions and sanctioned by their respective sport associations.
True or False
To qualify as a charitable deduction, the donation must be made by cash or by check
Chapter 5 Solutions
Income Tax Fundamentals 2020
Ch. 5 - Prob. 1MCQCh. 5 - Prob. 2MCQCh. 5 - Prob. 3MCQCh. 5 - Which of the following is true about the...Ch. 5 - Lyndon, age24, has a nonworking spouse and earns...Ch. 5 - Prob. 6MCQCh. 5 - Prob. 7MCQCh. 5 - Prob. 8MCQCh. 5 - Prob. 9MCQCh. 5 - Prob. 10MCQ
Ch. 5 - Prob. 11MCQCh. 5 - Prob. 12MCQCh. 5 - Prob. 13MCQCh. 5 - Prob. 14MCQCh. 5 - Eliza is a kindergarten teacher for Alexander...Ch. 5 - Prob. 16MCQCh. 5 - Prob. 17MCQCh. 5 - Prob. 18MCQCh. 5 - Prob. 19MCQCh. 5 - Prob. 20MCQCh. 5 - Prob. 21MCQCh. 5 - Prob. 22MCQCh. 5 - Prob. 23MCQCh. 5 - Prob. 24MCQCh. 5 - Prob. 25MCQCh. 5 - Prob. 26MCQCh. 5 - Prob. 27MCQCh. 5 - Prob. 28MCQCh. 5 - Prob. 29MCQCh. 5 - Prob. 30MCQCh. 5 - Which of the following would typically be...Ch. 5 - Which of the following is not a possible...Ch. 5 - Prob. 33MCQCh. 5 - Prob. 34MCQCh. 5 - Evan participates in an HSA carrying family...Ch. 5 - Prob. 2PCh. 5 - Karen, 28 years old and a single taxpayer, has a...Ch. 5 - Phil and Linda are 25 -year-old newlyweds and file...Ch. 5 - Prob. 5PCh. 5 - Prob. 6PCh. 5 - Prob. 7PCh. 5 - Bob is a single, 40 -year-old doctor earning...Ch. 5 - Prob. 9PCh. 5 - During 2019 , Jerry is a self-employed therapist,...Ch. 5 - Prob. 11PCh. 5 - Prob. 12PCh. 5 - Prob. 13PCh. 5 - Prob. 14PCh. 5 - Janet needs an elevator seat attached to her...Ch. 5 - Lyndon's employer withheld $10,100 in state income...Ch. 5 - Mike sells his home to Jane on April 2,2019 . Jane...Ch. 5 - Prob. 20PCh. 5 - Prob. 21PCh. 5 - Prob. 22PCh. 5 - Ken paid the following amounts for interest during...Ch. 5 - Prob. 24PCh. 5 - Prob. 25PCh. 5 - At the end of 2019, Mark owes $250,000 on the...Ch. 5 - Prob. 27PCh. 5 - Prob. 28PCh. 5 - Prob. 29PCh. 5 - Prob. 30PCh. 5 - On January 3,2019, Carey discovers his diamond...Ch. 5 - Prob. 32PCh. 5 - Prob. 33P
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- How does a devise differ from a legacy? Choose the correct.a. A devise is a gift of money and a legacy is a nonmonetary gift.b. A devise is a gift to an individual and a legacy is a gift to a charity or other organization. c. A devise is a gift of real property and a legacy is a gift of personal property.d. A devise is a gift made prior to death and a legacy is a gift made at death.arrow_forwardA philippine corporate taxpayer has the following financial items: Questions: 1. How much is the deductible interest expense? 2. How much is the deductible charitable contributions?arrow_forwardWhich of the following is an “above-the-line” deduction? (A) State and local taxes (B) Mortgage interest (C) Charitable contributions if a taxpayer takes the standard deduction. (D) Gambling lossesarrow_forward
- 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 IIarrow_forwardUnder 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 appraisalarrow_forwardWhich statement below best describes the entities that can accept donations from the public and provide donors with documentation to allow them to claim a tax deduction in respect of their donation? a. A local state school. b. A private hospital. c. Only entities classified as a deductible gift recipient (DGR) as they meet the necessary requirements to be registered by the ATO. d. Any not for profit organisation.arrow_forward
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