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salantis [7]
3 years ago
8

Richard donates publicly traded Gold Company stock with a basis of $1,000 and a fair market value of $15,000 to the college he a

ttended, which is considered a public charity. Richard has owned the shares for 10 years.
1. How is this contribution treated on Richard's tax return?
2. Assuming his adjusted gross income is at least $50,000, Richard can to deduct $_____on his Schedule A.
3. However, Richard may elect to use the 50 percent AGI limitation and deduct $_______.
Business
1 answer:
Rufina [12.5K]3 years ago
7 0

Answer:

1. How is this contribution treated on Richard's tax return?

Richard can deduct this donation as a qualified contribution to a charity.

2. Assuming his adjusted gross income is at least $50,000, Richard can deduct <u>$15,000</u> on his Schedule A.

Qualified contribution deductions of long term capital gains are limited to 30% of AGI, and in this case, Richard can deduct the full amount.

3. However, Richard may elect to use the 50 percent AGI limitation and deduct <u>$1,000</u>.

Richard can elect to deduct only the basis of the stock, but who likes to pay more taxes?

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Answer:

Cash A/C            Debit                    $300

  To James company                                  $300

(Amount collected from James Company for credit sale)

Explanation:

Cash A/C            Debit                    $300

  To James company                                  $300

(Amount collected from James Company for credit sale)

Note: The terms here provided that, 2/10, n/30.

Which means that 2% discount if payment made within 10 days, and total 30 days credit allowed.

Here the sales were made on 14 June, and payment received on 27 June that is it took more than 10 days as 10 days complete on 24 June.

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(C) Business process reengineering (BPR) is the analysis and redesign of workflow within and between enterprises.

<h3>What is Business process reengineering (BPR)?</h3>
  • Business process re-engineering (BPR) is an early 1990s business management method that focuses on the analysis and design of workflows and business processes within a company.
  • BPR seeks to assist firms in fundamentally rethinking how they do business in order to improve customer experience, reduce operational costs, and compete on a global scale.
  • BPR aims to assist businesses in significantly restructuring their organizations by focusing on the design of their business processes from the ground up.
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Therefore, (C) business process reengineering (BPR) is the analysis and redesign of workflow within and between enterprises.

Know more about Business process reengineering here:

brainly.com/question/14019951

#SPJ4

Complete question:

__________ is the analysis and redesign of workflow within and between enterprises.

Multiple Choice

(A) Critical success factors (CSFs)

(B) Benchmarking metrics

(C) Business process reengineering (BPR)

(D) Decision support interfaces (DSI)

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