If you give time at a charitable organization can you deduct your transportation
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If you give time at a charitable organization can you deduct your transportation?
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- Which is the following is true about your pension? a) You can name someone other than your spouse as the beneficiary without your spouse knowing it b) You must have your spouse's permission to name somebody else as a beneficiary c) The funds in your pension plan disappear if you die prior to retirement. d) The person(s) named in your will have to be the same people named as beneficiaries of your pension plan. Which of the following statements is true? a. You are foolish to contribute to a 401k plan. b. You are foolish not to contribute to a 401k plan up to your employer's matching amount. Earnings on a 401k plan are taxed as they accumulate. d. Money going into a 401k plan is after tax money. c. Most public school teachers and governmental employees a. do not have a defined benefit pension plan b. are at the mercy of the stock market to determine the amount of pension they receive c. don't get a pension other than social security d. have a defined benefit pension planWhich is an example of a fiduciary fund? Group of answer choices a.) a pension fund, where resources are held in financial trust until an employee retires. b.) a signa fund, which accounts for all government signas for every unit c.) an internal service fund, which accounts for services provided to one governmental unit by anotherUnder which of the following conditions would a penalty not be imposed when there is a property overvaluation donated to charity? A there is reasonable cause for the misstatement B all are true taxpayer acted in good faith a qualified appraiser oervalues the property and taxpayer relied on that appraisal
- True or False To qualify as a charitable deduction, the donation must be made by cash or by checkIn the context of estate planning, it is correct to say that: * Estate planning is a definite plan for the administration and disposition of one's property during one's lifetime and at one's death. State laws always determine the distribution of our estate after our death. Once we cannot predict the future, we should plan our estate only a little before our death. The executor is a person who assumes responsibility for providing childrem with personal care and managing the deceased's estate for them.Rosina can withdraw from her Registered Retirement Savings Plan (RRSP) with no tax impact but if she withdraws from her Tax-Free Savings Account (TFSA) she must include the amount on her tax return and pay taxes on it unless she uses the funds under the following two plans: Home Buyers Plan and Lifelong Learning Plan. A True False
- Which of the following is a requirement for a taxpayer who wishes to claim the special allowance for rental real estate? They must: (a) Actively participate in the rental real estate activity. (b) Materially participate in the rental real estate activity. (c) Personally participate in the rental real estate activity. (d) Significantly participate in the rental real estate activity.Which of the following statements regarding a cash flow plan for an estate is CORRECT? A cash flow plan for an estate should be flexible enough to account for unexpected expenses. A cash flow plan for an estate should indicate when the estate's cash inflows and outflows are expected to occur. In developing a cash flow plan, an executor should explore possible ways of reducing the estate's cash needs.Which one of the following is a correct statement about the nontax characteristics of a pooled income fund? A)It must pay a fixed dollar amount to the charitable beneficiary annually. B)The principal is distributed to the charitable beneficiary at the end of the noncharitable beneficiary's (or beneficiaries') life (or lives). C)Only the grantor and the charity can be beneficiaries. D)The income beneficiary cannot receive more than 10% of the original principal value per year.
- Insurance agent Ricardo is recommending that Rob and Samuel, the owners of a manufacturing firm, put in place a properly funded 'buy sell' agreement. Should one owner die, it protects the surviving business owner, the business itself, the surviving family or other beneficiaries of the deceased owner. How can a properly funded 'buy sell' agreement ensure that the business is protected? Select one: a. It can provide funding through life insurance or other sources, it provides a mandatory sale to the surviving owner, it does not provide guaranteed value as the value of the business will change over time. b. It can provide a guaranteed buyer for the business, it can provide guaranteed value, it saves time, it provides an orderly transition of the business to the new owner. C. It provides a non-mandatory sale, it provides guaranteed funding through life insurance, it does not provide a guaranteed buyer for the business, it helps in the easy valuation of the business. d. It can provide…A client approached you with a question about the tax consequences of setting up an irrevocable trust for his two grandchildren to attend college. Please respond to the following: Discuss the tax issues or consequences of the generation-skipping provision and a direct gift to the grandchildren instead of creating the trust. Make at least two recommendations to support either a direct gift to the grandchildren or the creation of the trust.Which statement below best describes the entities that can accept donations from the public and provide donors with documentation to allow them to claim a tax deduction in respect of their donation? a. A local state school. b. A private hospital. c. Only entities classified as a deductible gift recipient (DGR) as they meet the necessary requirements to be registered by the ATO. d. Any not for profit organisation.
