- Susan Purchased A 2018 Toyota Camry On 3 1 2019 For 15 000 She Sold It On 6 1 2021 For 15 000 After Depreciating It B 1 (34.73 KiB) Viewed 55 times
- Susan Purchased A 2018 Toyota Camry On 3 1 2019 For 15 000 She Sold It On 6 1 2021 For 15 000 After Depreciating It B 2 (45.42 KiB) Viewed 55 times
- Susan Purchased A 2018 Toyota Camry On 3 1 2019 For 15 000 She Sold It On 6 1 2021 For 15 000 After Depreciating It B 3 (40.93 KiB) Viewed 55 times
- Susan Purchased A 2018 Toyota Camry On 3 1 2019 For 15 000 She Sold It On 6 1 2021 For 15 000 After Depreciating It B 4 (31.52 KiB) Viewed 55 times
- Susan Purchased A 2018 Toyota Camry On 3 1 2019 For 15 000 She Sold It On 6 1 2021 For 15 000 After Depreciating It B 5 (26.01 KiB) Viewed 55 times
- Susan Purchased A 2018 Toyota Camry On 3 1 2019 For 15 000 She Sold It On 6 1 2021 For 15 000 After Depreciating It B 6 (24.87 KiB) Viewed 55 times
Helen's records for the current year contain the following information: -She donated IBM stock that she purchased 5 years ago for $3,000 when it had a FMV of $5000 to the American Lung Association. -She donated 20 hours of his time as a professional nurse to First Presbyterian Church. She bills her time to patients at $50 per hour. - He also donated $7,500 cash to a qualified charitable organization. -She paid her Home Owner's Asociation $1000. Patrick's adjusted gross income for the year is $100,000. What is the amount of his charitable contribution deduction? a $12,500 b. $11,500 c. $10,500 d. $13,500
Shira is single and 48 years old. She contributed $10,000 to a traditional IRA plan. The balance of the account before the distribution was $20,000. She distributed $5,000 this year for a first- time home purchase. Shira's only income this year was from salary or $20,000. Assume Shira is in the 22% bracket. Shira's tax on the distribution is $1100 ($5000 x .22), but there is no 10% penalty. Select one: True False
Kyle purchased a new Honda Accord on 9/1/2021. He paid $25,000 plus $3000 sales tax. In, 2021, he drove 3000 miles for business and 4000 miles for personal purposes. Kyle's depreciation deduction is the lower of following two amounts: i. 3000/7000 x $28,000 x 1/5 x1/2 ii. Or 3000/7000 x $10,200 Select one: True False
Shiela purchased land for $100,000 on 5/1/2000. She gifted it to her daughter Marion on 10/1/2020 when the land had a FMV of $80,000. Marion sold it on 9/1/2021 for $70,000. Marion recognizes a STCL of $10,000. Select one: True False
Harris works for Richardson Corp for 6 years. Richardson has a defined benefit plan. Each employee earns 1.5% of their average salary for their highest 3 years of salary. Harris has a salary of $100,000 for each of the 6 years. Richard uses a 5 year cliff-vesting schedule. Harris 5 is entitled to a vested benefit of $9000 which he will receive anhually on retirement. Select one True Face