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melamori03 [73]
2 years ago
6

Patrick has an adjusted gross income of $160,000 in the current year. He donated $30,000 in cash to a public charity, capital ga

in property with a basis of $15,000 and a fair market value of $40,000 to a public charity, and publicly traded stock with a basis of $20,000 and a fair market value of $35,000 to a private nonoperating foundation. The amount that Patrick can deduct for the stock donation to the private nonoperating foundation is ______.
Business
1 answer:
Alexeev081 [22]2 years ago
5 0

An$8,000

swer:

Explanation:

Non-cash contributions of capital gain property are subject to limit of 30% of AGI = 30% * 160000 = $48,000

$40,000 in property to public charity is allowable deduction (Contribution to private non-operating foundation is further subject to a 30% limit)

Hence, allowable deduction of contribution to private non-operating foundation = 30% * AGI (Contribution subject to 30% limit) = $48,000 - $40,000 = $8,000

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Answer:

The corret answer is b. decrease assets and decrease liabilities.

Explanation:

First entry

Earnings Accrued (- Net Equity)

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Since the minutes of the assembly must indicate that they are taken from the profits of previous years, the accumulated profits are reduced.

Second entry

Miscellaneous creditors (- Liabilities)

to Banks (- Active)

The first entry represents transfer from one liability to another liability. Although we think that capital accounts are not liabilities, it is not true, given that the value of debt to shareholders of the value of your company, so we can group everything in the same bag.

When decreeing dividends, what is done is to cover a small part of that company value. That is, when dividends are decreed, they become part of a formalized liability.

The second entry is the cancellation of the liability, through one of the ways to extinguish the obligations: payment.

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2 years ago
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6 0
3 years ago
Miscavage Corporation has two divisions: the Beta Division and the Alpha Division. The Beta Division has sales of $300,000, vari
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Explanation:

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Based on the information given in the question, the net operating income is $86700. Kindly check the attachment for further details.

7 0
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tia_tia [17]

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