Question
1) Pat gave 5,000 shares of stock in Coyote Corporation (a publicly traded corporation) to her church (a qualified charitable organization) in the current year.
1) Pat gave 5,000 shares of stock in Coyote Corporation (a publicly traded corporation) to her church (a qualified charitable organization) in the current year. The stock was worth $180,000 and she had acquired it as an investment four years ago at a cost of $120,000. She reported AGI of $300,000 for the year. In completing her current income tax return, how much is her current-year charitable contribution deduction?
2)
Brad, who would otherwise qualify as Fayes dependent, had gross income of $9,000 during the
year. Faye, who had AGI of $120,000, paid the following medical expenses this year:
Cataract operation for Brad | $5,400 |
Brads prescribed contact lenses | 1,800 |
Fayes doctor and dentist bills | 12,600 |
Prescribed drugs for Faye | 2,550 |
Total | $22,350 |
What is the total medical expense deduction for Faye?
3)
Corey is the city sales manager for RIBS, a national fast food franchise. Every working day,
Corey drives his car as follows:
Miles | |
home to office | 20 |
Office to RIBS No. 1 | 15 |
Ribs No. 1 to No.2 | 18 |
Ribs No2. to No 3. | 13 |
Ribs no 3 to home | 30 |
Corey renders an adequate accounting to his employer. What are Coreys reimbursable miles?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started