A hurricane (federally declared disaster) destroyed the Palmer's boat. The couple purchased the boat for $30,000 ten years ago and it was appraised at a FMV of $35,000 before the hurricane. Unfortunately, the Palmers did not have insurance on their boat. Compute the Palmer's casualty loss deduction before applying the 10% AGI threshold? Question 35 Ms. Donor contributed $300,000 in cash to qualified charities this year during 2020. Her AGI was $275.000. How much is Ms. Donor's charitable contribution carry forward, if any. to 2021?

A hurricane (federally declared disaster) destroyed the Palmer's boat. The couple purchased the boat for $30,000 ten years ago and it was appraised at a FMV of $35,000 before the hurricane. Unfortunately, the Palmers did not have insurance on their boat. Compute the Palmer's casualty loss deduction before applying the 10% AGI threshold? Question 35 Ms. Donor contributed $300,000 in cash to qualified charities this year during 2020. Her AGI was $275.000. How much is Ms. Donor's charitable contribution carry forward, if any. to 2021?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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S Calvin reviewed his canceled checks and receipts this year (2023) for charitable contributions, which included an antique painting and IBM stock. He has owned the IBM stock and the painting since 2005. Donee Item Hobbs Medical Center IBM stock State Museum Antique painting Book A needy family United Way Food and clothes Cash Cost $ 8,400 6,700 740 42,000 FMV $ 56,000 4,020 440 42,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Note: Leave no answer blank. Enter zero if applicable. c. Calvin's AGI is $134,000. Charitable contribution deduction Carryover
To improve her body shape Ms. Ganda decided to undergo procedure and sought the services of the Body Beautiful, a clinic operated outside the hospital and owned by Below Medical Center Group Company. Body Beautiful charged Ms. Ganda the amount of P224,000 (inclusive of 12% but exclusive of excise tax) for the service rendered. Ms. Ganda bought residential house for P4,000,000. He paid P1,000,000 down and mortgage back the property as security for the P3,000,000. REQUIRED:1) How much is the DST from the mortgage? 2) How much is the Excise tax?
[The following information applies to the questions displayed below.] Calvin reviewed his canceled checks and receipts this year (2023) for charitable contributions, which included an antique painting and IBM stock. He has owned the IBM stock and the painting since 2005. Donee Hobbs Medical Center State Museum A needy family United Way Item Problem 6-50 Part-b (Static) IBM stock Antique painting Food and clothes Cash Cost $ 5,000 5,000 400 8,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Note: Leave no answer blank. Enter zero if applicable. FMV $ 22,000 3,000 250 8,000 b. Calvin's AGI is $100,000, but the State Museum told Calvin that it plans to sell the painting.
Mario had AGI of $90,000 and will itemize for 2021. He had significant damage to an antique plane as a result of a hurricane in 2021. The hurricane was a federally declared disaster. • The plane had a value of $240,000 before the hurricane. The value of the plane after the hurricane was estimated to be $125,000. • He estimates that his insurance will cover $75,000 of the repairs. • He wants to amend his 2020 return for the loss. His 2020 AGI was $80,000. • In 2022, he received $68,000 of proceeds from the insurance His 2022 AGI was $65,000. What is his casualty loss deduction for 2020, 2021, and 20227 (530,900) for 2020; s0 for 2021; (5400) for 2022 s0 for 2020; ($31,900) for 2021: (S500) for 2022 s0 for 2020: ($30,900) for 2021: (S500) for 2022 O (531,900) for 2020; $0 for 2021: (5500) for 2022
-Calvin’s AGI is $54,000. What is the charitable contribution deduction. What is the carryover?
29 Leonard withdrew $10,000 from his RRSP under the Home Buyers' Plan on August 12th of last year and used the amount as a deposit on the purchase of a new house. However, he realized that he needed another $8,000 to help finance the downpayment and made a second HBP withdrawal on September 25th of last year. He will take possession of the property on April 1st of this year. On January 20th of this year, he withdrew another $7,000 under the HBP to buy some appliances. Based on his withdrawals, how much does Leonard have to include as taxable income? a) $0 b) $5,000 c) $7,000 d) $15,000
For the current year, Gina Hestopolis had adjusted gross income of $100,000. During the year, she contributed a total of $6,000 in cash to her church evenly throughout the year and an additional $3,000 in cash to qualified charities. She also contributed religious artwork with a fair market value of $60,000 and a basis of $20,000 to her church. The church intends to display the religious artwork in the church foyer. If Gina chooses to itemize her deductions, what is the amount of her deductible charitable contribution in the current year?Group of answer choices$9,000. $20,000. $35,400.$60,000.
Hana's only child, Kwan, passed away last year at the age of 42. Kwan had been diagnosed with a severe disability as a child and was financially and physically dependent on Hana his entire life. Hana opened an RDSP for Kwan nine years ago and contributed a total of $27,000 to the account. Hana's contributions attracted total Canada Disability Savings Grants (CDSG) of $6,000. The RDSP had a balance of $42,000 when Kwan died. What is the tax impact resulting from Kwan's death? Question 20 options: Kwan's estate will receive taxable income of $9,000 and non-taxable income of $ 27,000. Kwan's estate will receive taxable income of $15,000 and Hana will receive non-taxable income of $27,000. Kwan's estate will receive taxable income of $27,000 and non-taxable income of $15,000.
36. LO.3, 4, 8 Olaf lives in the state of Minnesota. In May 2022, a tornado hit the area and damaged his home and automobile. Applicable information is as follows: Item Home Auto Adjusted Basis $350,000 60,000 FMV before $500,000 40,000 FMV after $100,000 10,000 Insurance Proceeds $280,000 20,000 Because of the extensive damage caused by the tornado, the President designated the area a Federal disaster area. Olaf and his wife, Anna, always file a joint return. Their 2021 tax return shows AGI of $180,000 and taxable income of $145,000. In 2022, their return shows AGI of $300,000 and taxable income (exclusive of the casualty loss deduction) of $245,000. Determine the amount of Olaf and Anna's loss and the year in which they should take the loss.
Colby has decided to make charitable contributions of property this year. He donates a painting (adjusted basis $900, fair market value $40,000) that he previously created to a local art museum (a public charity under section 501(c)(3)). The painting will be exhibited in the museum's modern art collection. His adjusted gross income is $90,000. What is his charitable deduction for this year? Select one: a. $0 b. $900 c. $45,000 d. $40,000
Required information [The following information applies to the questions displayed below.] Calvin reviewed his canceled checks and receipts this year (2023) for charitable contributions, which included an antique painting and IBM stock. He has owned the IBM stock and the painting since 2005. Donee Hobbs Medical Center State Museum A needy family United Way c. Calvin's AGI is $104,000. Item IBM stock Antique painting Food and clothes Cash Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Note: Leave no answer blank. Enter zero if applicable. Charitable contribution deduction Carryover Answer is complete but not entirely correct. Cost $ 7,200 6,100 620 30,000 $ $ 61,200 X 23,200 X FMV $ 44,000 3,660 / 370 30,000
Morrissey donated stock (a capital asset) to a public charity. He purchased the stock three years ago for $100,000. On the date of the gift, the stock had a fair market value of $200,000. What is Morrissey's maximum charitable contribution deduction for the year related to this stock if his AGI is $500,000? Select one: O A $250,000 OB. $150,000 OC. $100,000 OD. $200,000