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Svet_ta [14]
3 years ago
9

Tom Lewis, an individual taxpayer, performs services for the Red Cross at an out-of-town location for three weekends during the

year. There was no significant element of personal pleasure for Tom on these weekend trips. He incurred the following expenses in relation to these trips: Special uniform worn while performing services $100 Meals and lodging while on weekend trips 300 How much of the expenses may Tom deduct as a charitable donation on his Schedule A (itemized deduction) form (assuming that he can fully itemize and deduct all such expenses)
Business
1 answer:
lawyer [7]3 years ago
5 0

Answer:

The amount of the expenses that Tom may deduct as a charitable donation on his Schedule A is $400.

Explanation:

Since Tom's weekend trips were devoid of any significant element of personal pleasure and assuming that he can fully itemize and deduct all expenses incurred, the total amount of the expenses incurred in relation to the trips may be deducted by Tom as a charitable donation.

Therefore, we have:

Amount deductible as a charitable donation = Special uniform worn while performing services + Meals and lodging while on weekend trips = $100 + $300 = $400

Therefore, the amount of the expenses that Tom may deduct as a charitable donation on his Schedule A is $400.

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The group or organization matchup is given below;

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<h3>What is a Nation state?</h3>

The term nation-state is known to be a any country that is territorially held together as a sovereign state.

Note that in this kind of country, it is one that is governed in the name of a community of its own people who identify or see themselves as a nation.

See full question below

Match the group or organization on the left with its correct category on the right.

non-state actor:

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8 0
2 years ago
Companies Heidee and Leaudy have the same total assets, sales, operating costs, and tax rates, and they pay the same interest ra
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Answer:

E. If the interest rate the companies pay on their debt is more than their basic earning power (BEP), then Company Heidee will have the higher ROE.

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3 0
2 years ago
Advanced Enterprises reports year−end information from 2019 as​ follows: Sales​ (160,250 units) ​$969,000 Cost of goods sold ​(6
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Answer:

Cost of goods sold = $576,900

Explanation:

The budgeted cost of goods sold will be the sales volume in 2020 multiplied by cost per unit .

Sales volume in year 2020= (100-10)% ×  sales figure for 2019

                                            = 90% × 160,250=  144,225  

Cost of goods sold per unit =  cost of goods sold in 2019/Sales units in 2019

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Cost of goods sold =  $4× 144,225 =  $576,900

Cost of goods sold = $576,900

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3 years ago
Ten years ago, Ginny inherited $50,000 from her grandmother. She decided to invest all of this money in GE stock. Suppose she de
leva [86]

Answer:

$14,500

Explanation:

The size of Ginny's taxable capital gain = $64,500 - $50,000 = $14,500

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