1. 6. Lisa contributed a painting to a 50 percent organization during 2019. The doneeorganization immediately sold the painting for $50,000 (FMV). The painting waspurchased in 1998 for $40,000 and used for personal enjoyment. Lisa's contributionbase is $70,000.Compute Lisa's 2019 contribution and carryover to 2020.6.o a. 2019 Contribution: $40,000 Carryover to 2020 $10,000ob. 2019 Contribution: $35.000 Carryover to 2020 $15,000Oc. 2019 Contribution $35,000 Carryover to 2020. $5,000od. 2019 Contribution. $20,000 Carryover to 2020: $30,000

Lisa contributed a painting to a 50 % organization. That means that the eligible deduction for the…

Compute Lisa's 2019 contribution and carryover to 2020. a. 2019 Contribution: $40,000 Carryover to 2020 $10,000 ob. 2019 Contribution: $35.000 Carryover to 2020 $15.000 c. 2019 Contribution $35,000 Carryover to 2020: $5,000 d. 2019 Contribution $20,000 Carryover to 2020: $30,000

Compute Lisa's 2019 contribution and carryover to 2020. a. 2019 Contribution: $40,000 Carryover to 2020 $10,000 ob. 2019 Contribution: $35.000 Carryover to 2020 $15.000 c. 2019 Contribution $35,000 Carryover to 2020: $5,000 d. 2019 Contribution $20,000 Carryover to 2020: $30,000

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter8: Depreciation, Cost Recovery, Amortization, And Depletion

Section: Chapter Questions

Problem 40P

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Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.

Question

6. Lisa contributed a painting to a 50 percent organization during 2019. The donee
organization immediately sold the painting for $50,000 (FMV). The painting was
purchased in 1998 for $40,000 and used for personal enjoyment. Lisa's contribution
base is $70,000.
Compute Lisa's 2019 contribution and carryover to 2020.
6.
o a. 2019 Contribution: $40,000 Carryover to 2020 $10,000
ob. 2019 Contribution: $35.000 Carryover to 2020 $15,000
Oc. 2019 Contribution $35,000 Carryover to 2020. $5,000
od. 2019 Contribution. $20,000 Carryover to 2020: $30,000

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