Income Tax Fundamentals 2020
38th Edition
ISBN: 9780357391129
Author: WHITTENBURG
Publisher: Cengage
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Chapter 5, Problem 30MCQ
To determine
Concept Introduction:
Charitable contributions are deductible from the gross income of the taxpayer subject to some conditions. A donation made in cash or in kind to a public church, school, and similar industries is allowed as a deduction from the gross income of the taxpayer.
To choose:The deductible contribution.
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Students have asked these similar questions
Which of the following transfers made by your client will be excluded from the client's total gifts in the year made?
A)
Made a $20,000 contribution to the Shriner's Hospital, which provides free medical care to children
B)
Paid a family member $15,000 so she could go to school
C)
Made a $30,000 gift to the donor's spouse
D)
Paid a hospital $11,000 for medical services rendered to a friend
What is the Schedule A deduction for charitable contributions?
On May 14 of the current year, Paul contributed clothing to the Salvation Army. The original cost of the clothing was $740. He has substantiation valuing the donation at $360. In addition, he made the following cash contributions and received a statement from each of the following organizations acknowledging his contribution:
Larkin College $800
United Way 152
First Methodist Church 790
Amos House (homeless shelter) 200
Local Chamber of Commerce 100
All of the above entities are nonprofit corporations and §501( c)(3) organizations except the Chamber of Commerce which is not a §501( c)(3) organization.
Clothing to the Salvation Army
Larkin College
United Way
First Methodist Church
Amos House (homeless shelter)
Local Chamber of Commerce
Clothing to the Salvation Army
Larkin College
United Way
First…
What can I claim on my taxes for Charitable contributions (all cash).
Boy Scouts $1,350
St. Matthews Church $3,100
U. of Nevada (Reno) Medical School $27,000
Nevada Democratic Party $250.00
Fund-raising dinner for the Reno AUto Museum (value of dinner is $25) $100.
Chapter 5 Solutions
Income Tax Fundamentals 2020
Ch. 5 - Prob. 1MCQCh. 5 - Prob. 2MCQCh. 5 - Prob. 3MCQCh. 5 - Which of the following is true about the...Ch. 5 - Lyndon, age24, has a nonworking spouse and earns...Ch. 5 - Prob. 6MCQCh. 5 - Prob. 7MCQCh. 5 - Prob. 8MCQCh. 5 - Prob. 9MCQCh. 5 - Prob. 10MCQ
Ch. 5 - Prob. 11MCQCh. 5 - Prob. 12MCQCh. 5 - Prob. 13MCQCh. 5 - Prob. 14MCQCh. 5 - Eliza is a kindergarten teacher for Alexander...Ch. 5 - Prob. 16MCQCh. 5 - Prob. 17MCQCh. 5 - Prob. 18MCQCh. 5 - Prob. 19MCQCh. 5 - Prob. 20MCQCh. 5 - Prob. 21MCQCh. 5 - Prob. 22MCQCh. 5 - Prob. 23MCQCh. 5 - Prob. 24MCQCh. 5 - Prob. 25MCQCh. 5 - Prob. 26MCQCh. 5 - Prob. 27MCQCh. 5 - Prob. 28MCQCh. 5 - Prob. 29MCQCh. 5 - Prob. 30MCQCh. 5 - Which of the following would typically be...Ch. 5 - Which of the following is not a possible...Ch. 5 - Prob. 33MCQCh. 5 - Prob. 34MCQCh. 5 - Evan participates in an HSA carrying family...Ch. 5 - Prob. 2PCh. 5 - Karen, 28 years old and a single taxpayer, has a...Ch. 5 - Phil and Linda are 25 -year-old newlyweds and file...Ch. 5 - Prob. 5PCh. 5 - Prob. 6PCh. 5 - Prob. 7PCh. 5 - Bob is a single, 40 -year-old doctor earning...Ch. 5 - Prob. 9PCh. 5 - During 2019 , Jerry is a self-employed therapist,...Ch. 5 - Prob. 11PCh. 5 - Prob. 12PCh. 5 - Prob. 13PCh. 5 - Prob. 14PCh. 5 - Janet needs an elevator seat attached to her...Ch. 5 - Lyndon's employer withheld $10,100 in state income...Ch. 5 - Mike sells his home to Jane on April 2,2019 . Jane...Ch. 5 - Prob. 20PCh. 5 - Prob. 21PCh. 5 - Prob. 22PCh. 5 - Ken paid the following amounts for interest during...Ch. 5 - Prob. 24PCh. 5 - Prob. 25PCh. 5 - At the end of 2019, Mark owes $250,000 on the...Ch. 5 - Prob. 27PCh. 5 - Prob. 28PCh. 5 - Prob. 29PCh. 5 - Prob. 30PCh. 5 - On January 3,2019, Carey discovers his diamond...Ch. 5 - Prob. 32PCh. 5 - Prob. 33P
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