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mojhsa [17]
3 years ago
13

Deet, an unmarried taxpayer, qualified to itemize deductions. Deet's adjusted gross income was $40,000 and he made a $1,500 subs

tantiated cash donation directly to a needy family. In the same year, Deet also donated art, valued at $11,000, to a local art museum. Deet had purchased the artwork two years earlier for $2,000. What was the maximum amount of the charitable contribution allowable as an itemized deduction on Deet's income tax return
Business
1 answer:
Blababa [14]3 years ago
4 0

Answer:

$11,000

Explanation:

Based on the information given What will be the MAXIMUM AMOUNT OF THE CHARITABLE CONTRIBUTION ALLOWABLE as an itemized deduction on Deet's income tax return will be the amount of $11,000 which represent the amount the art value that Deet donated to the local art museum which was valued at $11,000.

Therefore the maximum amount of the charitable contribution allowable as an itemized deduction on Deet's income tax return is $11,000

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Some people are in favor of reducing Federal taxes to increase consumer spending others are against it. Two person are selected
densk [106]

Answer:

Explanation:

There are four possible outcomes

In favor, in favor

In favour, unfavor

Unfavor, in favor

Unfavor, unfavor

<u>Particulars           Person</u>

<u>Outcome      1                 2 </u>

1                  For             Against

2                 For             For

3                Against       For

4                Against      Against

These are the possible outcomes

8 0
3 years ago
A government has the following debt: Capital lease liabilities that mature in more than one year (General Fund department leases
leva [86]

Answer:

Total debt= $20,000,000

Explanation:

Long term liabilities are what the government owes that are due in more than one year.

All the stated items are unmatured long term liabilities that will appear on the government wide financial position.

Although these items will not be recorded in government general funds.

Therefore

Total debt = Capital lease liabilities that mature in more than one year + Net pension liability associated with general government + General government bonds that mature in the next fiscal year

Total debt= 2,000,000+ 4,000,000+ 14,000,000

Total debt= $20,000,000

6 0
3 years ago
Financing that individuals or institutions have provided to a corporation is: Multiple Choice always classified as a liability.
WINSTONCH [101]

Answer:

classified as a liability when provided by creditors and as stockholders' equity when provided by owners

Explanation:

Corporate finance can be explained as how the revenue, asset as well as is been taken care of in business. The financing could be by individual or institution.

It should be noted that Financing that individuals or institutions have provided to a corporation is classified as a liability when provided by creditors and as stockholders' equity when provided by owners

7 0
3 years ago
"Although experience and expertise are important in the hiring decision, many employers are looking at other attributes to decid
kakasveta [241]

Answer:

"Choose a previous employer, and describe your greatest contribution to the company." Prepare for an Interview: This is a common question asked in interviews.

Explanation:

3 0
3 years ago
(1) : (2) : (3)DI - C : DI - C : DI - C$0 - $4 : $0 - $65 : $0 - $210 - 11 : 80 - 125 : 20 - 2020 - 18 : 160 - 185 : 40 - 3830 -
vekshin1

Answer: B

The marginal propensity to save will remain unchanged in each of the countries.

Explanation:

Marginal propensity to consume (MPC) is the percentage of increase or decrease in income that goes to consumption

Marginal propensity to save (MPS) is the percentage of increase or decrease in income that goes into savings. It can also be expressed as:

1 - MPC

Average propensity to save measures the level of saving at a given level of income.

The marginal propensity to save measures changes in savings relative to changes in income but the income remains unchanged here, the MPS also remains unchanged.

3 0
3 years ago
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