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serg [7]
3 years ago
7

Terrence contributed $15,000 to a foreign charitable organization. At the time of the contribution, the organization told him th

at his contribution was tax deductible for income tax purposes. Ignoring any income limitations, how much of the $15,000 contribution is deductible?a. $0.
b. $7,500.
c. $10,000.
d. $15,000.
Business
1 answer:
Alexxx [7]3 years ago
7 0

Answer:

B, $7,500

Explanation:

Deductible tax or tax deduction is the reduction or deduction that reduces an individuals tax liabilties by lowering his/her taxable income.

Deductible tax from charity contributions is up to 50% of the contributed amount for income tax purposes.

In the case of Terrence's contribution in the question, there is a clause that says to ignore income limitations.

We therfore take 50% of $15,000 which gives us $7,500 as the amount that is deductible from the contribution.

i.e; (50÷100) × $15.000

Cheers.

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6 0
4 years ago
Required information
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Answer:

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the journal entries to record the purchase of the vehicle and the improvements are:

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Dr Suburban SUV 6,500

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the journal entry to record depreciation expense ($2,920 x 6 months)

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5 0
3 years ago
Different companies across different industries adopt any one of the five generic strategies to gain competitive advantage.
enyata [817]

Answer:

c. An online retailer delivers organic groceries overnight.

Explanation:

As Different companies in different industries follow any one of the five general strategies to gain competitive advantage.

so The online retailer distributes organic groceries overnight, using a low-cost provider strategy. This is due to the intense competition in online retailing.

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6 0
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Ede4ka [16]

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6 0
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The Miller family owns and operates an interior decorating business. Henry installs hardwood floors and chair rails; Chloe reuph
oksian1 [2.3K]

Answer:

A. specialization.

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Specialization refers to dividing the job in different tasks and assigning a person to perform each one which makes that each person becomes an expert in the specific area. This could help to increase productivity, especially in manufacturing. This is the process the Miller family uses because they have divided the tasks and assigned each of them to a person.

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