Stein, an unmarried taxpayer, had adjusted gross income of USD80,000 for the year, and qualified to itemize deductions. Stein had no charitable contribution carryovers and only made one contribution during the year. Stein donated stock, purchased seven years earlier for USD17,000, to a tax-exempt educational organization. The stock was valued at USD25,000 when it was contributed. What is the amount of charitable contributions deductible on Stein's current year income tax return?
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1 .Spencer, who itemizes deductions, had adjusted gross income of USD60,000 for the current year. The following additional information is available for the year:Cash contribution to churchUSD 4,000Purchase of art object at church bazaar (with a fair market value of USD800 on the date of purchase)1,200Donation of used clothing to Salvation Army (fair value evidenced by receipt received)600What is the maximum amount Spencer can claim as a deduction for charitable contributions in the current year?
A USD4,400 B USD5,200 C USD5,000 D USD5,400
2 .Charitable contributions subject to the 50-percent limit that are not fully deductible in the year made may be:
A Carried back two years or carried forward twenty years. B Carried forward indefinitely until fully deducted. C Neither carried back nor carried forward. D Carried forward five years.
3 .Moore, a single taxpayer, had USD50,000 in adjusted gross income for the year. During the year she contributed USD18,000 to her church. She had a USD10,000 charitable contribution carryover from her prior year church contribution. What was the maximum amount of properly substantiated charitable contributions that Moore could claim as an itemized deduction for the current year?
A USD10,000 B USD25,000 C USD28,000 D USD18,000
4 .Jeffrey, a single taxpayer, had USD55,000 in adjusted gross income for the current year. During the current year he contributed USD19,500 to his church. He had a USD5,000 charitable contribution carryover from his prior year church contribution. What was the maximum amount of properly substantiated charitable contributions that Jeffrey could report as an itemized deduction for the current year?
A 24,500 B 5,000 C 19,500 D 27,500
5 .Deet, an unmarried taxpayer, qualified to itemize current year deductions. Deet's adjusted gross income was USD40,000 and he made a USD1,500 substantiated cash donation directly to a needy family. Deet also donated art, valued at USD11,000, to a local art museum. Deet had purchased the art work two years earlier for USD2,000. What was the maximum amount of the charitable contribution allowable as an itemized deduction on Deet's current year income tax return?
A USD 3,500 B USD 12,500 C USD 2,000 D USD 11,000
7 .Taylor, an unmarried taxpayer, had USD90,000 in adjusted gross income for the current year. During the current year, Taylor donated land to a church and made no other contributions. Taylor purchased the land 15 years ago as an investment for USD14,000. The land's fair market value was USD25,000 on the day of the donation. What is the maximum amount of charitable contribution that Taylor may deduct as an itemized deduction for the land donation for the current year?
A USD 0 B USD 25,000 C USD 11,000 D USD 14,000
8 .During the current year, Wood's residence had an adjusted basis of USD150,000 and it was destroyed by a tornado. An appraiser valued the decline in market value at USD175,000. Later in the current year, Wood received USD130,000 from his insurance company for the property loss and did not elect to deduct the casualty loss in an earlier year. Wood's current year adjusted gross income was USD60,000 and he did not have any casualty gains.What total amount can Wood deduct as a current year itemized deduction for casualty loss, after the application of the threshold limitations?
A USD20,000 B USD19,900 C USD13,900 D USD25,000
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