Individual Income Taxes
43rd Edition
ISBN: 9780357109731
Author: Hoffman
Publisher: CENGAGE LEARNING - CONSIGNMENT
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Question
Chapter 10, Problem 20CE
a.
To determine
Identify Person D’s charitable contribution deduction.
b.
To determine
Identify Person D’s charitable contribution deduction in the given situation.
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Donna donates stock in Chipper Corporation to the American Red Cross on September 10, 2020. She purchased the stock for $19,600 on December 28, 2019, and it had a fair market value of $28,000 when she made the donation.
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Chapter 10 Solutions
Individual Income Taxes
Ch. 10 - Prob. 1DQCh. 10 - Prob. 2DQCh. 10 - Prob. 3DQCh. 10 - Prob. 4DQCh. 10 - LO.2 David, a sole proprietor of a bookstore, pays...Ch. 10 - LO.2 Jayden, a calendar year taxpayer, paid 16,000...Ch. 10 - Prob. 7DQCh. 10 - Prob. 8DQCh. 10 - Prob. 9DQCh. 10 - Prob. 10DQ
Ch. 10 - LO.5 Thomas purchased a personal residence from...Ch. 10 - Prob. 12DQCh. 10 - Prob. 13DQCh. 10 - LO.6, 8 William, a high school teacher, earns...Ch. 10 - LO.2 Barbara incurred the following expenses...Ch. 10 - Prob. 16CECh. 10 - Prob. 17CECh. 10 - Prob. 18CECh. 10 - Prob. 19CECh. 10 - Prob. 20CECh. 10 - Prob. 21CECh. 10 - Prob. 22PCh. 10 - Prob. 23PCh. 10 - LO.2 Paul suffers from emphysema and severe...Ch. 10 - LO.2 For calendar year 2019, Jean was a...Ch. 10 - LO.2 During 2019, Susan incurred and paid the...Ch. 10 - In May, Rebeccas daughter, Isabella, sustained a...Ch. 10 - Prob. 28PCh. 10 - Prob. 29PCh. 10 - Prob. 30PCh. 10 - Prob. 31PCh. 10 - Prob. 32PCh. 10 - Prob. 33PCh. 10 - Prob. 34PCh. 10 - On December 27, 2019, Roberta purchased four...Ch. 10 - Prob. 36PCh. 10 - Prob. 37PCh. 10 - Prob. 38PCh. 10 - LO.2, 3, 4, 5, 6, 7 Linda, who files as a single...Ch. 10 - LO.2, 3, 4, 5, 6, 7 For calendar year 2019, Stuart...Ch. 10 - Prob. 41CPCh. 10 - Marcia, a shareholder in a corporation with stores...Ch. 10 - Prob. 4RPCh. 10 - Prob. 1CPACh. 10 - Prob. 2CPACh. 10 - Prob. 3CPACh. 10 - Kurstie received a 800 state income tax refund...Ch. 10 - Which of the following would preclude a taxpayer...Ch. 10 - Prob. 6CPA
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- LO.6, 8 William, a high school teacher, earns about 50,000 each year. In December 2019, he won 1,000,000 in the state lottery. William plans to donate 100,000 to his church. He has asked you, his tax adviser, whether he should donate the 100,000 in 2019 or 2020. Identify the tax issues related to Williams decision.arrow_forwardChelsea, who is single, purchases land for investment purposes in 2014 at a cost of 22,000. In 2019, she sells the land for 38,000. Chelseas taxable income without considering the land sale is 100,000. What is the effect of the sale of the land on her taxable income, and what is her tax liability?arrow_forward22.Which of the following gifts would probably be taxable to the person receiving the gift? One thousand dollars given to a taxpayer by his or her father An acre of land given to a taxpayer by a friend A car given to a loyal employee by her supervisor when she retired to recognize her faithful service A Mercedes-Benz given to a taxpayer by his cousin An interest in a partnership given to a taxpayer by his or her uncle 24.Hillary gets divorced in 2019 and is required to pay her ex-spouse $200 per month until her son reaches 18 years of age in 7 years and $120 per month thereafter. How much of her 2020 payments are deductible as alimony? $0 $2,400 $1,440 $960arrow_forward
- Liz had AGI of $130,000 in 2020. She donated Bluebird Corporation stock with a basis of $10,000 to a qualified charitable organization on July 5, 2020. What is the amount of Liz’s deduction assuming that she purchased the stock on December 3, 2019, and the stock had a fair market value of $17,000 when she made the donation? Assume the same facts as in part (a), except that Liz purchased the stock on July 1, 2017. Assume the same facts as in part (a), except that the stock had a fair market value of $7,500 (rather than $17,000) when Liz donated it to the charity.arrow_forward2.arrow_forwardVal died on May 13, 2021. On July 3, 2018, she gave a $400,000 lite insurance policy on her own lite to son Ray. Because the value of the policy was rela- tively low, the transter did not cause any gift tax to be payable. a. What amount was included in Val's gross estate as a result of the 2018 gift? 6. What amount was included in Val's gross estate if the property given was land instead of a life insurance policy? C. Refer to Part a. What amount would have been included in Val's gross estate if she instead gave Ray the policy on April 30, 2017?arrow_forward
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