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15. (TCOs 2 & 11) In 2009, Colleen makes the follo...

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15. (TCOs 2 & 11) In 2009, Colleen makes the following charitable donations: Basis Fair Market Value Inventory held for resale in Colleen's Business (a sole proprietorship) $14,000 $7,000 Stock in Marco held as an investment (acquired four years ago) $16,000 $30,000 Painting held as an investment (acquired three years ago) $2,000 $15,000 The Macro stock and the inventory were given to Colleen's church, and the painting was given to the United Way. Both donees promptly sold the property for the stated fair market value. Disregarding percentage limitations, Colleen's charitable contribution deduction for 2009 is: (Points : 5) $32,000. $39,000. $52,000. $59,000. None of the above 8. (TCOs 3, 4, 5, & 7) In 2010, Colin, the sole proprietor of a video rental store, pays a $4,000 premium for medical insurance for himself and his family. Lynette, one of Colin's employees, pays a $2,000 premium for a medical insurance policy for herself. Which of the following statements is TRUE? (Points : 5) Colin may deduct $4,000 as a deduction from AGI. Colin may deduct $4,000 as a deduction for AGI. Lynette may deduct $1,400 as a deduction for AGI. Lynette may deduct $2,000 as a deduction for AGI. 3. (TCOs 3, 4, 5, & 7) Denice's regular income tax liability is $200,000, and her tentative AMT is $270,000. Denice's AMT is: (Points : 5) $0. $70,000. $270,000. $370,000. None of the above

 

Paper#6057 | Written in 18-Jul-2015

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