1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
alexandr402 [8]
3 years ago
5

Owen is considering giving a large charitable contribution to an organization in the current year. Owen's adjusted gross income

for the year will be $150,000. He wants to contribute up to $100,000 in either cash or property. If he contributes cash to a public charity, he can deduct $ this year. If he contributes capital gain property that is worth $80,000 to a public charity, he can deduct $ . Or, if he contributes the publicly traded stock to a private non-operating foundation, he can deduct $ this year.
Business
1 answer:
oee [108]3 years ago
4 0

Answer:

Explanation:

There is a limit on the amount of charitable contribution that a taxpayer can claim as deduction and it depends on the type of property that a taxpayer donates and nature of charity organization. A taxpayer can deduct up to 60% of adjusted gross income (AGI) in the case of cash contributions to public charity. When he contributes capital gain property, he can deduct up to 30% of adjusted gross income in the case of public charity. When he contributes capital gain property to private non operating foundation, he can deduct up to 20% adjusted gross income.

Calculate the maximum amount of deduction as follows

Download xlsx
You might be interested in
Once dan kim has successfully tested the concept for a new product, his next step would be
natali 33 [55]

Develop the product / Release the new product.

7 0
3 years ago
How can you best uncover challenges and constraints that employees deal with in their daily work.
Westkost [7]

Answer:

Assumptions and expectations are the root causes of workplace constraints.

Explanation:

To avoid workplace conflicts one needs detailed information and clarity. If we train ourselves to think in a positive way and act without anger will do wonders. Our conduct in a situation is going to be really different if we take some time to look at good intentions instead of immediately reacting. It's much more productive to turn a bunch of assumptions into a shared understanding of the information.

8 0
3 years ago
what's the best definition of financial literacy? a. the efficient and effective management of moneyb. the ability to find, eval
san4es73 [151]
Im going to say the answer is A
5 0
3 years ago
On January 1, 2015, Brooks Inc. borrows $90,000 from a bank and signs a 5% installment note requiring four annual payments of $2
Black_prince [1.1K]

Answer:

The journal entry which is to be recorded for the first installment payment on the note is shown below:

Explanation:

The journal entry is as on December 31, 2015

 Interest Expense A/c.................Dr  $4,500

Notes Payable A/c.......................Dr  $20,881

              Cash A/c..............................Cr   $25,381

Working Note:

Interest expense = Borrowed amount × 5%

= $90,000  × 5%

= $4,500

Note Payable = Cash - Interest expense

= $25,381 - $4,500

= $20,881

5 0
3 years ago
Mitch, a single tax-payer, earns $100,000 in taxable income and $10,000 in interest from an investment in city of Birmingham Bon
goldfiish [28.3K]

Answer:

E) None of the choices are correct.

<em>18.289,26‬</em>

<em>As we given an option with two decimals which are different from the calculated amount we should take it as incorrect. </em>

<em></em>

Explanation:

The municipal bonds are tax free. Therfore, not included.

We will calcuatae based on 2019 income tax brackets for single-taxers

between $82,501 to $157,500 the amount is $14,089.50 + 24% of the amount over 78,950

100,000 - 82,501 = 17,499

17,499 x 24% = 4,199.76

14,089.50 + 4,199.76 =<em> 18.289,26‬</em>

3 0
3 years ago
Other questions:
  • Ivanhoe, Inc. received the following information from its pension plan trustee concerning the operation of the company's defined
    8·1 answer
  • The Felix Corp. will pay an annual dividend of $1.00 next year. The dividend will increase by 12 percent a year for the followin
    9·1 answer
  • Lakeland Chemical manufactures a product called Zing. Direct materials are added at the beginning of the process, and conversion
    8·1 answer
  • Within her company, Nadine utilizes a management style that varies according to the individual and environmental situation, with
    11·1 answer
  • Benton Engineering Services Company incurred the following during 2016 Direct labor $94,000 Overhead 126,000 Selling expenses 11
    11·1 answer
  • Prior to the financial meltdown, bond ratings agencies were accused of having _____ because they were paid by the organizations
    12·1 answer
  • Madison Corporation purchased 40% of Jay Corporation for $400,000 on January 1. On June 20 of the same year, Jay Corporation dec
    14·1 answer
  • Risk is best thought of as the potential for variability in the investment’s outcomes. This means that if an investment has the
    15·1 answer
  • Identify the correct order of the four steps used to prepare a production cost summary (report). 1)Summarize the cost flow of ph
    10·1 answer
  • Compared to the perfectly competitive firm, the monopolist faces a demand curve that is ___________________ elastic because ther
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!