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lara31 [8.8K]
2 years ago
6

Larry recorded the following donations this year: $500 cash to a family in need $2,400 to a church $500 cash to a political camp

aign To the Salvation Army household items that originally cost $1,200 but are worth $300. What is Larry's maximum allowable charitable contribution if his AGI is $60,000? Multiple Choice $2,900 $1,000 $2,700 $4,600 None of the choices are correct.
Business
1 answer:
soldier1979 [14.2K]2 years ago
7 0

Larry's maximum allowable charitable contribution if his AGI is $60,000 is: $2,700.

<h3>Maximum allowable charitable contribution</h3>

A charitable contribution can be defined as the way in which a person donate his or her own money , goods or services to an organization thereby deducting the market value of this contribution from the person income tax return.

Maximum allowable charitable contribution=$2,400 to a church+ Household items worth of $300

Maximum allowable charitable contribution= $2,700

Therefore Larry maximum allowable charitable contribution if his AGI is $60,100 is $2,700.

Learn more about Maximum allowable charitable contribution here:brainly.com/question/24744888

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Answer:

Explanation:

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0.25(1-0.25)/100

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Step 3: calculate the test statistics; assuming the hypothesis test percentage is 25%

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In particular, the sample results are -1.875 standard error.

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3 years ago
Problem 20-40 (LO. 3, 8) Citron, a calendar year taxpayer, began business in January 2017. It had a long-term capital gain of $5
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Answer:

Explanation:

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Long-term capital gain of $5,000 in 2017 is taxable in 2017 as a longterm capital gain @15%

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Three maximum federal income tax rates apply to most types of net long-term

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C corporation deduct capital loss upto theire capital gain.

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Therefore loss of $10,000 can be carry forward for next year.

C. Provision of long term capital gain as An S corportation.

S corporations are pass-through entities, which means that the company itself does not pay taxes on the sale of its assets. Rather, the income from the sale of its assets passes through to the shareholder, who is responsible for paying taxes.

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kati45 [8]

Answer:

D) Annual Percentage Rate

Explanation:

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2 years ago
appraisal report must include a disclosure of the scope of the work that: the client requested at the time of the assignment. th
vredina [299]

Answer:

The correct answer is the appraiser performed in the assignment.

Explanation:

In order to appraise, or evaluate someone's work, the report must include all details of the work performed. Otherwise, how else would that finished job be evaluated? It's important to describe the work done in order to determine how well or how badly the appraiser performed in the assignment, according to the appraisal report.

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Digiron [165]

Answer:

If the price of wheat does not rise in the long run, the farmer should stop the production of wheat.

Explanation:

given data

MC = MR.

average total cost of producing wheat = $26

price of wheat = $10

solution

As long as the cost of a bushel of wheat ($ 6) exceeds the variable production cost of a bushel of wheat ($ 4), the farmer should continue to produce wheat. He loses $ 2 per bushel, but loses $ 4 if he stops producing wheat.

If the price of wheat does not rise in the long run, the farmer should stop the production of wheat.

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3 years ago
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