am.111. Byron owned stock in Blossom Corporation that he donated to a museum (a qualified charitable organization) on June8 this year. What is the amount of Byron's deduction assuming that he had purchased the stock for $10,500 5 years ago,and the stock had a fair market value of $13,800 when he made the donation?$10,500$13,800$3,300

To determine the amount of Byron's deduction for the donation of stock to a qualified charitable…

Answered: Byron owned stock in Blossom…

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter10: Deduct Ions And Losses: Certain Itemized Deduct Ions

Section: Chapter Questions

Problem 33P

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Marcia, a shareholder in a corporation with stores in five states, donated stock with a basis of 10,000 to a qualified charitable organization in 2018. Although the stock of the corporation was not traded on a public stock exchange, many shares had been sold over the past several years. Based on the average selling price for the stock in 2018, Marcia deducted 95,000 on her 2018 tax return. Marcia received a notice from the IRS that the 95,000 deduction had been reduced to 10,000 because she had not obtained a qualified appraisal or attached a summary of her appraisal to her tax return. Marcia has asked you to advise her on this matter. Write a letter containing your conclusions to Ms. Marcia Meyer, 1311 Santos Court, San Bruno, CA 94066. Partial list of research aids: Reg. 1.170A13(c)(2).
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
1. Madeoff donated stock (capital gain property) to a public charity. He purchased the stock three years ago for $100,000, and on the date of the gift, it had a fair market value of $200,000. In 2021, what is his maximum charitable contribution deduction for the year related to this stock if his AGI is $500,000? a. $100,000 b. $200,000 c. $150,000 d. $250,000 e. None of the choices are correct. 2. Madeoff donated stock (capital gain property) to a public charity. He purchased the stock three years ago for $100,400, and on the date of the gift, it had a fair market value of $200,800. What is his maximum charitable contribution deduction for the year related to this stock if his AGI is $502,000? a. $100,400 b. $200,800 c. $150,600 d. $251,000 e. None of the choices are correct.
Kevin received stock as a gift from his uncle. The stock was worth $4,820 as of the date of the gift and his uncle had paid $2,390 for it several years ago. If Kevin sells the stock for $5,800, what is his taxable income from the sale? tA Income $ 4,820
Bob received 800 shares of Denver Corporation stock from his uncle as a gift on July 20, 2022, when the stock had a $196,000 fair market value (FMV). His uncle paid $100,000 for the stock on April 12, 2006. The taxable gift was $196,000, because his uncle made another gift to Bob for $40,000 in January and used the annual exclusion. The uncle paid a gift tax of $39,200. Without considering the transactions below, Bob's ÀGI is $30,000 in 2023. No other transactions involving capital assets occur during the year. Read the requirement a. He sells the stock on October 12, 2023, for $200,000. b. He sells the stock on October 12, 2023, for $118,000. He sells the stock on December 16, 2023, for $195,000. C. AGI prior to sale of stock 200000 118000 195000 + + + + www Gain (loss) on sale of stock 139200 AGI = 339200 = =
Last year Robert transferred a life insurance policy worth $470,000 to an irrevocable trust with directions to distribute the corpus of the trust to a grandson, Danny, upon graduation from college, or to Danny's estate upon death. Robert paid $41,000 of gift tax on the transfer of the policy. Early this year, Robert died, and the insurance company paid $4.2 million to the trust. What amount, if any, is included in Robert's gross estate? Note: Enter your answers in dollars, not millions of dollars. Amount to be included in Robert's gross estate
Braeden received 100 shares of Cranston Corporation stock from his uncle as a gift on July 20, 2020, when the stock had a $24,000 FMV. His uncle paid $18,000 for the stock on April 12, 2004. The taxable gift was $24,000, because his uncle made another gift to Braeden for $38,000 in January and used the annual exclusion. The uncle paid a gift tax of $3,600. Without considering the transactions below, Braeden's AGI is $70,000 in 2021. No other transactions involving capital assets occur during the year. Read the requirement. a. b. C. AGI prior to sale of stock + Gain (loss) on sale of stock = + + + Requirement || = AGI Analyze each transaction below, independent of the others, and determine Braeden's AGI in each case. (Do not round intermediary calculations. Only round the amounts you input in the cells to the nearest dollar. Use a minus sign or parentheses to enter a loss.) a. He sells the stock on October 12, 2021, for $30,500. b. He sells the stock on October 12, 2021, for $16,500. c.…
Mr. Ernesto dela Cruz, had the following during the taxable year: • P1,500,000 for outliving his life insurance policy. He paid quarterly premium of P3,000 for 25 years. • P2,500,000 as proceeds of her mother's life insurance resulting from her death. Premiums paid totaled P780,000. • Increase in the fair value of his stock investments, P25,000. • Cash gift from his missionary friend, P50,000. • House and Lot inherited from his mother, P3,000,000. • Rent Income from house and lot inherited, P100,000. How much of the amounts enumerated should not be reported as gross income? A. 4,130,000B. 4,155,000C. 5,850,000D. 5,875,000 How much is the total inclusions to gross income? A. 1,300,000B. 1,325,000C. 3,020,000D. 3,045,000
Herman purchased undeveloped land for $75,000 on July 10, 2014, and has held it as an investment since then. On May 9, 2020, when the land is worth $140,000, he donates it to a private nonoperating foundation. a. Herman's charitable contribution is $fill in the blank 1. b. Assume that Herman had donated the undeveloped land to a public charity. His charitable contribution would have been $fill in the blank 2.
None
In 2019, Arvin received 200 shares of common stock as a gift. The stock was worth $5,000 when he received it, and the donor's adjusted basis at that time was $7,500. Arvin sold the stock in 2021 and received the following Form 1099-B. There were no adjustments to Arvin's basis during the period he held the property. What is his capital gain? (Answer choices are below the image.) CORRECTED (if checked) PAYER'S name, street address, city or town, state or province, country, ZIP Applicable checkbox on Form 8949 or foreign postal code, and telephone no. E E-VESTING.COM 751 FORTUNE STREET YOUR CITY, YS XXXXX (XXX) 598-5563 PAYER'S TIN XX-XXXXXXX RECIPIENT'S name ARVIN BERTRAND Street address (including apt. no.) 834 SYCAMORE TRAIL Account number (see instructions) 586344322 City or town, state or province, country, and ZIP or foreign postal code YOUR CITY, YS XXXXX CUSIP number 14 State name YS Form 1099-B RECIPIENT'S TIN $1,500 $2,500 $4,000 $9,000 XXX-XX-XXXX Mark for follow up FATCA…

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