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Karolina [17]
3 years ago
12

Christine saw a television advertisement asking for donations of used vehicles to a charitable foundation and decided to donate

her old car. Which of the following statements is correct?
a. She can take a tax deduction large enough on an after-tax basis to equal the amount she would have received if she sold the car directly.
b. She can take a deduction greater than the amount for which the charity actually sells the vehicle.
c. She can claim an estimated value for the auto if the charity uses it rather than selling it.
d. The charity is not required to provide her with any information about what they do with the auto.
Business
1 answer:
stealth61 [152]3 years ago
5 0

Answer:

Option C She can claim an estimated value for the auto if the charity uses it rather than selling it

Explanation:

The reason is that the tax encourages you to make donations because the non for profit organization is doing the same thing which government does, they serve the people. So if the NGO is not selling the old car then the tax says that use the fair value of the asset as a amount donated to the charitable foundation. So the right answer here which includes the use of fair value is only Option C.

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Answer: Manufacturing overhead for the month was underapplied by $19,000.

Explanation:

From the question, we are informed that before the closing of the overapplied or underapplied balance to cost of goods sold, the total of the debits to the manufacturing overhead account was $75,000 and the total of the credits to the account was $56,000.

This implies that the manufacturing overhead for the month was underapplied by ($75000 - $56000)= $19000. The manufacturing overhead debit balance shows that manufacturing overhead was simply underapplied in this case.

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3 years ago
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What do intentional torts, negligence, and strict liability have in common?
ehidna [41]

Answer:

A

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3 0
2 years ago
What type of tax system does the United States use?<br> ​
Basile [38]

Answer: Progressive tax system

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8 0
3 years ago
. A firm begins the year with a Book Value of $10 million. During the year it generates $5 million in net profits. It paid $1 mi
Keith_Richards [23]

Answer:

b) $12 million

Explanation:

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hence, only dividend paid will be removed from the addition of the Book Value anf the Net profit.

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