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- Xiu-ying sold a residential house held as a capital asset for P1,200,000 to her friend Xoese. The zonal value of the real property is P2,000,000 and the assessed value per tax declaration is P1, 500,000. Compute for the Donor’s tax due.2. The gift tax payable of Mr. Alba on the July 14 donation is Mr. and Mrs. Alba gave the following donations: 05/03/19 Community property valued at P400,000 donated to Barbado, legitimate son who got married January 1, 2018. 07/14/19 Exclusive property of Mr Alba was donated to Carla, legitimate daughter who got married June 1, 2018. Value- P500,000. 12/30/19 Community property donated to Carla. The dowry has a market value of P800,000 08/05/20 Community property donated to Dianne, P700,000 with an unpaid mortgage of P150,000 assumed by the donee. Exclusive property of Mr. Alba was donated to ABC Corporation, cash of P200,000. O 21,800 O 27,000 O 30,000 O 6400Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances: Calvin's AGI is $119,000.
- Trevor is a single individual who is a cash-method, calendar-year taxpayer. For each of the next two years (2023 and 2024), Trevor expects to report salary of $98,000, contribute $8,600 to charity, and pay $3,250 in state income taxes. Required: a. Estimate Trevor's taxable income for 2023 and 2024 using the 2023 amounts for the standard deduction for both years.During the current year, Madison reports AGI of $195,000. As part of some estate planning, she donates $15,000 to her alma mater, Autumn University, and $70,000 to a private nonoperating foundation. (Assume the year is 2019.) Requirements a. What is the amount of Madison's charitable deduction for the current year? b. Assume the same facts in Part a except that she donates $25,000 to Autumn University. Requirement a. What is the amount of Madison's charitable deduction for the current year? Amount Charitable contribution for the year $ Charitable contribution carryover $ Requirement b. Assume the same facts in Part a except that she donates $25,000 to Autumn University. Amount Charitable contribution for the year Charitable contribution carryoverIn the current year, Larry gives $50,000 cash and $30,000 of stock to Mike. He also gives $40,000 of tax-exempt bonds to Angela. His wife , Susan , gives $200,000 of land to Angela and $20,000 cash to Pete. Assume the couple elects gift splitting for the current year. Larry's taxable gifts reported on his gift tax return total A. $170,000 B. $130,000 C. $125,000 D. $30,000
- Trevor is a single individual who is a cash-method, calendar-year taxpayer. For each of the next two years (2022 and 2023), Trevor expects to report salary of $108,000, contribute $8,350 to charity, and pay $3,500 in state income taxes. Required: a. Estimate Trevor's taxable income for 2022 and 2023 using the 2022 amounts for the standard deduction for both years. b. Now assume that Trevor combines his anticipated charitable contributions for the next two years and makes the combined contribution in December of 2022. Estimate Trevor's taxable income for each of the next two years using the 2022 amounts for the standard deduction. c. Trevor plans to purchase a residence next year, and he estimates that additional property taxes and residential interest will cost $3,400 and $31,000, respectively, each year. Estimate Trevor's taxable income for each of the next two years (2022 and 2023) using the 2022 amounts for the standard deduction and also assuming Trevor makes the charitable…17. Noah gave $750 to a good friend whose house was destroyed by an earthquake. In addition, Noah contributed his time, valued at $250, in the cleanup effort. What’s amount of charitable deduction may Noah claim on his tax return for the current year, if his AGI is $80,000.Paige had $100,000 of income from wages and $3,650 of taxable interest. Paige also made contributions of $2,300 to a tax-deferred retirement account. Paige has 4 dependents and files as head of household.What is Paige's total income?What is Paige's adjusted gross income?For Paige's filing status, the standard deduction is $18,000. What is Paige's taxable income?
- Sherry transfers each of the following gifts during 2023. Sherry is not married. Identify the taxable gift amount for each item (before any exclusion) Gift Stock to her favorite charity with FMV of $40,000 and basis of $20,000 Cash to her daughter of $25,000 $200,000 to an irrevocable trust to distribute annually to her granddaughter $25,000 to pay for medical expenses for her mother The amount included in Taxable GiftsFrom the following information, determine Marcie’s gross income for tax purposes. Salary $40,000 Interest (checking account) 50 Cash received as birthday gift 900 Dividends (mutual funds) 500 Inheritance received upon father’s death 22,000 Cash received from insurance for accident claim settlement 3,200 Cash dividend from stock 750Madeline made a cash gift of $30,000 to the American Cancer Society, a qualified public charity. Madeline itemizes her deductions and has an adjusted gross income of $48,000. What is the maximum income tax deduction allowable to Madeline in the current year for her charitable contribution? A) $28,800 B) $9,000 C) $30,000 D) $14,400
