Compute the charitable contribution deduction (ignoring the percentage limitation) for each of the following C corporations.If required, round your answers to nearest dollar.a. Amber Corporation donated inventory of clothing (basis of $128,500, fair market value of $160,625) to a qualified charitableorganization that operates homeless shelters.X Aqua Corporation purchases nonresidential real property on May 8, 2019, for $2,340,000. Straight-line cost recovery is taken in theamount of $234,000 before the property is sold on November 27, 2022, for $3,510,000.a. Compute the amount of Aqua's recognized gain on the sale of the realty.1,404,000FeedbackCheck My Workb. Determine the amount of the recognized gain that is treated as § 1231 gain and the amount that is treated as § 1250 recapture(ordinary income due to § 291).§ 1231 gain: $§ 1250 recapture (ordinary income due to § 291): $

Compute the charitable contribution deduction (ignoring the percentage limitation) for each of the following C corporations. If required, round your answers to nearest dollar. a. Amber Corporation donated inventory of clothing (basis of $128,500, fair market value of $160,625) to a qualified charitable organization that operates homeless shelters. X

Compute the charitable contribution deduction (ignoring the percentage limitation) for each of the following C corporations. If required, round your answers to nearest dollar. a. Amber Corporation donated inventory of clothing (basis of $128,500, fair market value of $160,625) to a qualified charitable organization that operates homeless shelters. X

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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1. Bonnie receives salary income of $32,000, unemployment compensation of $4,400, and interest income of $1,200 and a gift of $7,000 in cash from her aunt. How much gross income does Bonnie have?In your response, please make sure to take all of the facts above into consideration. You can refer back to the text, lecture videos, and the IRS website. Please make sure to support whatever conclusion you decide to present.2. This next question will be more opinion-based. The United States operates utilizes a progressive tax system. What exactly does this mean? Do you believe it is the best system for the United States or this is there a better answer (one additional choice could be a flat tax for example)? Please try to explain your thoughts as thoroughly as possible.Your initial post will be due Wednesday February 3, 2021 with follow up posts to at least two classmates due Sunday February 31, 2021
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In 2021, LAA Incorporated made a charitable donation of $151,500 to the American Red Cross. For the year, LAA reported taxable income of $622,000, which included a $151,500 charitable contribution deduction (before limitation), a $68,500 dividends-received deduction, and a $18,100 net operating loss carryover from year 2020. What is LAA Incorporated's charitable contribution deduction for 2021? Assume the charitable donation is not a qualified contribution because LAA Incorporated. Did not make the necessary election. Charitable contribution deduction for year 1
Faith Community Church is exempt from Federal income taxation under § 501(c)(3). To supplement its contribution revenue, it holds bingo games on Saturday nights. It holds all of the licenses and permits required to do so.The net income from the bingo games is $90,000. Of these funds, $60,000 is used to support the ministry of the church. The balance of $30,000 is invested in Faith’s endowment fund for church music. Faith Community Church is located in a resort city where bingo games can be conducted by churches, charities, and for-profit entities. Will conducting the bingo games affect the exempt status of Faith Community Church? Explain.
In 2022, Red Corp., a C corporation, donated shares of stock to a qualified charitable organization. The shares had a fair market value of $20,000 and an adjusted basis of $100,000. Before any charitable contribution deduction, Red Corp. will have taxable income of $2,000,00O (no DRD and no loss carryovers) in 2022. What is the amount of Red Corp.'s 2022 charitable contribution deduction? What might Red Corp. want to consider instead of donating the shares of stock to charity?
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Remsco has taxable income of $73,000 and a charitable contribution limit modified taxable income of $78,500. Its charitable contributions for the year were $8,020. What is Remsco's current-year charitable contribution deduction and contribution carryover (assuming Remsco does not elect to use the 25% of modified taxable income to determine its charitable contribution deduction)? Please pay attention to the note n bold
Remsco has taxable income of $67,000 and a charitable contribution limit modified taxable income of $75,500. Its charitable contributions for the year were $7,780. What is Remsco's current-year charitable contribution deduction and contribution carryover? Multiple Choice $6,700 current-year deduction; $1,080 carryover. $7,780 current-year deduction; $0 carryover. $850 current-year deduction; $6,930 carryover. $7,550 current-year deduction; $230 carryover.
24. Compute the overvaluation penalty for each of the following independent cases involving the taxpayer's reporting of the fair market value of charitable-contribution property. In each case assume a marginal income tax rate of 35 percent for individual taxpayers and 21 percent for corporations. Taxpayer a. Individual b. C Corporation c. S Corporation d. Individual e. Individual f. C Corporation Corrected IRS Value $30,000 30,000 40,000 150,000 150,000 150,000 Reported Valuation $40,000 50,000 50,000 210,000 250,000 900,000 1
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