12. Lazaro saved the life of Cory and three others who met ä car accidentUnintentionally, it was found out that Cory is a kidnap victim of the threemen. Because of the assistance extended by Lazaro, Cory was saved andthe kidnappers were arrested by police authorities. Consequently, Corygave him P50,000. The remuneration received by Lazaro IS:exempt from taxb. subject to income taxC. subject to donor's taxd. subject to 20% final taxa.CS Scanned with CamScanner

Tax is the charge which is levied by the government. There are different tax slabs for different…

Answered: Lazaro saved the life of Cory and three…

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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Similar questions

Last summer, Casey mowed lawns to earn extra money. He was paid $250 in cash, and no deductions were made from his pay. Casey did not re files his tax return, he is required to report this income. True or False? True False
Melissa is a very generous single woman. Before this year (2023), she gave over $12,920,000 in taxable gifts over the years and has completely exhausted her applicable credit amount. In the current year, Melissa gave her daughter Riley $100,000 and promptly filed her gift tax return. Melissa did not make any other gifts this year. How much gift tax must Riley pay the IRS because of this transaction? A.$0 B.$33,200 C.$40,000 D.$45,000
Nicanor is a married man with surviving spouse: Assuming Nicanor is head of the family, how much is the estate tax.
Don operates a taxi business, and this year one of his taxis was damaged in a traffic accident. The tax was originally purchased for $23,000, and the adjusted basis was $1.700 at the time of the accident. The tax was repaired at a cost of $2.650 and insurance reimbursed Don $718 of this cost. What is the amount of Don's casualty loss deduction? Mutiple Choice O O O $982 $2,650 $1932 $1700 Doo in not eligible for a casualty loss deduction
TODICHT Charitable Contributions (LO 5.9) JI Hartley, a single taxpayer, donates cash of $600 and also provides some gently-used clothing worth $150 to a local church. Hartley does not itemize deductions. What is the nature of any deduction for these items for Hartley in 2023? Since Hartley does not itemize, she is entitled to a $ deduction for cash contributions in 2023.
1.
Gary, who is single, has adjusted gross income of $ 105,000 and itemized deductions of $15,000. He is considering making a charitable contribution of $5,300 and he is in the 24% tax bracket. Gary could also spend $5,300 on a postsecondary education course that qualifies for the Lifetime Learning Credit. Which is the best tax choice to reduce his overall liability? Make a charitable contribution Spend on a postsecondary education course Best Tax Choice Reduction in tax liability $ LA $ #
Julie is the beneficiary of a discretionary trust. She is 16 years old. Last year, she received a $3,000 distribution from the trust. Julie had no other sources of income for the year. Who is liable for tax on Julie's trust income? a. Her parents b. Julie c. No one d. Trustee of the trust
Kimberly is a self-employed taxpayer. She recently spent $3,300 for airfare to travel to Italy. What amount of the airfare is deductible in each of the following alternative scenarios? (Leave no answers blank. Enter zero if applicable.) a. Her trip was entirely for personal purposes. Deductible amount
Madeline 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
Peng owns equipment used in his sole proprietor business with an adjusted basis of $12,000 and a fair market value of $28,000. Depreciation claimed was $6,500. How much could Peng deduct as a charitable contribution if he contributed the equipment to a qualified charity?

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