2. In 2020, Gale and Cathy Alexander hosted an exchangestudent, Axel Muller, for 9 months. Axel was part ofInternational Student Exchange Programs (a qualifiedorganization). Axel attended tenth grade at the local highschool. Gale and Cathy did not claim Axel as a dependentbut paid the following items for Axel's well-being:Food and clothingMedical care$1,500200Fair market value of lodging2,700100$4,500EntertainmentTotalGale and Cathy have asked for your help in determining ifany of the $4,500 can be deducted as a charitablecontribution.Required: Go to the IRS website (www.irs.gov) and locatePublication 526. Please answer the question for Gale andCathy. If they can claim a deduction, be sure to include inyour post the amount that can be deducted and anysubstantiation requirements.

Gale and Cathy is eligible to deduct qualifying expenses for a foreign or American Student who,…

Answered: 2. In 2020, Gale and Cathy Alexander…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

For each of the following scenarios, answer these two questions: 1. Ďoes the contract fall under the provisions of the Australian Consumer Law (ACL)? (Answer 'yes' or 'no') 2. With reference to the ACL, explain why you said yes or no. a) Peach purchases a large silver and glass display cabinet for $32,00 for her clothing and jewellery shop. b) Maddy buys a second-hand BMW from her professor, Zoe, for $10,000. c) A large furniture company pays $9,000 for precious walnut timber to build a cupboard. d) Brittany buys herself a brand-new Corvette for her 21st birthday for $120,000. e) Oliver makes the winning bid of $5,000 for a set of golf clubs at a traditional auction.
While he was traveling with friends, Mr. Juan, resident Filipino citizen, died on January20, 2021 in a California Hospital, USA, leaving personal and real properties with market values as follows: House and Lot in Quezon City - P10 Million; Cash in bank in California - US$10,000.00; Citibank in New York - US$5,000.00; Cash in BPI Makati - P4 Million; Car in Quezon City - P1Million; Shares of stocks of Apple Corporation, US corporation listed in NY Stock Exchange - $5,000 . His gross estate for Philippine estate tax purposes shall be?(Exchange rate US$1 = P50) * Please show quick solution. Thank you.
Question 27 of 50. Mark and Carrie are married, and they will file a joint return. They both work full-time, and their 2021 income totaled $89,000, all from wages. They have one dependent child, Aubrey (5). During the year, they spent $9,000 for Aubrey's child care. Neither Mark nor Carrie received any dependent care benefits from their employer. What amount may they use to calculate the Child and Dependent Care Credit? $0 $3,000 $8,000 $9,000 Mark for follow up
Sally was an all-state soccer player during her junior and senior years in high school. She accepted an athletic scholarship from State University. The scholarship provided the following: Tuition and fees $15,000 Housing and meals $6,000 Books and supplies $1,500 Transportation $1,200 a. Determine the effect of the scholarship on Sally's gross income. Included in/Excluded from Income Tuition and fees Housing and meals Books and supplies Transportation b. Sally's brother, Willy, was not a gifted athlete, but he received $8,000 from their father's employer as a scholarship during the year. The employer grants the children of all executives a scholarship equal to one-half of annual tuition, fees, books, and supplies. Willy also received a $6,000 scholarship (to be used for tuition) as the winner of an essay contest related to bioengineering, his intended field of study. Indicate whether the following statements are "True" or "False" regarding the effect of the scholarships on Willy's and…
! Required information [The following information applies to the questions displayed below.] Julie paid a day care center to watch her two-year-old son while she worked as a computer programmer for a local start- up company. What amount of child and dependent care credit can Julie claim in 2023 in each of the following alternative scenarios? Use Exhibit 8-9. e. Julie paid $4,400 to the day care center, and her AGI is $14,000 ($2,400 salary and $11,600 unearned income). Child and dependent care credit
Tt1.
Can you help me? Gurpeet and Mariana acquire a new home in Alberta with a cost of $426,446. Determine their New Housing GST Rebate.
Required information [The following information applies to the questions displayed below.] Julie paid a day care center to watch her two-year-old son while she worked as a computer programmer for a local start-up company. What amount of child and dependent care credit cán Julie claim in 2023 in each of the following alternative scenarios? Use Exhibit 8-9. b. Julie paid $6,150 to the day care center, and her AGI is $50,600 (all salary). Child and dependent care credit $ 1,230
Angela exchanges a rental house at the beach with an adjusted basis of $180,000 and a fair market value of $160,000 for a rental house at the mountains with a fair market value of $148,000 and cash of $12,000. What is Angela’s recognized gain or loss? Group of answer choices $148,000 ($20,000) $12,000 $0
Jagdeep sold his Indian restaurant “Maya no Dhaba” to Jasleen for the amount of$450,000. On top of that, Jasleen paid another $50,000 for Jagdeep to agreed that hewon’t open a new Indian restaurant in the radius of 10 Kms for the next five years.Discuss whether the $50,000 payment is considered as Ordinary Income? please put 3 references
Giorgos and Eleni agree that Eleni will purchase Giorgos house in Nicosia for 250.000 dollars. Based on this, Eleni enrols her daughter to a private school nearby and pays the annual fees in advance. Giorgos informed Eleni that he is not willing to sell his house. REQUIRED: State the meaning of remoteness of damages Advice Eleni as to the remedies available to her against Giorgos
After two and one-half years of working with the orphanage and the government, Jake and Nikki adopted a two-year-old girl from Korea. The adoption process, which became final in January 2022, incurred the following qualified adoption expenses. For how much and in which year can Jake and Nikki take the adoption credit? (Assume no limitation of the credit due to AGI.) Year 2021 $ 6,225 Year 2022 $ 1,150

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS