All categories

3 years ago

Compute the charitable contribution deduction (ignoring the percentage limitation) for each of the following C corporations.

Business

1 answer:

Lena [83]3 years ago

8 0

Answer:

1. $27,188

2. $48,000

3. 212,000

Explanation:

Computation for the charitable contribution deduction

1. Based on the information given the calculation will be :The amount of the property's basis including 50% of the appreciation on the property

Charitable contribution deduction = [$43,500 + ($54,375- $43,500) * 50%]

Charitable contribution deduction = [$43,500 + ($54,375- $43,500) * 50%

Charitable contribution deduction =$43,500+$10,875*50%

Charitable contribution deduction =$27,188

b.Based on the information given what will be the

charitable contribution deduction is the fair market value on the date of the contribution of the amount of $48,000 reason been that it is a capital gain property Contribution.

c. Based on the information given what will be the charitable contribution deduction is the worth of the donated sculpture held as an investment of the amount of $212,000 reason been that it is a capital gain property Contribution.

You might be interested in

Which correlation coefficient would you use to look at the correlation between gender and time spent on the phone talking to you

Zolol [24]

Answer:

Answer C

Explanation:

If one of the variables is measured on dichotomous nominal scale, such as gender and other is measured on interval or ratio scale, than we use point biserial correlation coefficient. It will measure our initial hypothesis that there is a connection between the time spent on the phone, talking to your mother with gender. Later, if we would want to conclude how strong is this connection, we would use regression analysis.

8 0

3 years ago

Read 2 more answers

Depletion Down Deep Mining Co. acquired mineral rights for $81,250,000. The mineral deposit is estimated at 65,000,000 tons. Dur

sveta [45]

Answer and Explanation:

The computation is shown below:

a. For depletion rate

= Acquired mineral rights ÷ estimated mineral deposits

= $81,250,000 ÷ 65,000,000 tons

= $1.25

b. For the amount of depletion expense for the current year is

= Depletion rate × current year mined

= $1.25 × 17,550,000 tons

= $21,937,500

c. The journal entry is shown below:

Depletion Expense $21,937,500

To Accumulated Depletion $21,937,500

(Being the depletion expense is recorded)

For recording this we debited the depletion expense as it increased the expense and credited the accumulated depletion as it reduced the assets

7 0

3 years ago

The December 31, 2009, balance sheet of Anna’s Tennis Shop, Inc., showed current assets of $2,584 and current liabilities of $1,

Igoryamba

Answer: ($203)

Explanation:

The company’s 2010 change in net working capital will be calculated thus:

Net working capital = current assets - current liabilities

For 2009, net working capital will be:

= $2,584 - $1,191

= $1393.

For 2010, net working capital will be:

= $2,644 - $1,048

= $1596

Change in net working capital will be:

= $1393 - $1596

= ($203)

6 0

3 years ago

Recently, much of the western United States experienced a drought condition, and water usage was restricted in Denver. Yet, even

Paul [167]

Answer:

Price elasticity

Explanation:

Price elasticity -

It refers to the extent to which the demand or desire for something alters with the fluctuation in the price , is referred to as price elasticity .

As if the price of some commodity goes up , people tends to not buy the thing any more and tries to finds it cheaper alternative .

And , as the price reduces , people tries to buy the specific goods and service .

Hence , from the given scenario of the question ,

The correct answer is price elasticity .

4 0

3 years ago

The guidance for having infant sleep on their back to reduce the incidence of SIDS has a grade of A. Group of answer choices Pro

Lapatulllka [165]

Answer:

The correct answer is letter "D": Recommendations.

Explanation:

Evidence-based public health (EBPH) practice is the application, and assessment of effective public health programs and policies by applying scientific reasoning principles. It includes several recommendations on basic practices that should be followed to avoid future medical conditions.

6 0

3 years ago