14. Emily, who lives in Indiana, volunteered to travel to Louisiana in March to work on a home-building project for Habitat for Humanity (a qualified charitable organization). She was in Louisiana for three weeks. She normally makes $500 per week as a carpenters assistant and plans to deduct $1,500 as a charitable contribution. In addition, she incurred the following costs in connection with the trip: $600 for transportation, $1,200 for lodging, and $400 for meals. What is Emilys deduction associated with this charitable activity?
In 2018, Joanne invested $90,000 for a 20% interest in a limited liability company (LLC) in which she is a material participant. The LLC reported losses of $340,000 in 2018 and $180,000 in 2019. Joannes share of the LLCs losses was $68,000 in 2018 and $36,000 in 2019. How much of these losses can Joanne deduct?
| | a. $68,000 in 2018 $36,000 in 2019. |
| | b. $68,000 in 2018 $22,000 in 2019. |
| | c. $0 in 2018 $0 in 2019. |
| | d. $68,000 in 2018 $0 in 2019. |
Rex and Dena are married and have two children, Michelle (age 7) and Nancy (age 5). During 2018, Rex earned a salary of $24,500, received interest income of $300, and filed a joint income tax return with Dena. Dena had $0 gross income. Their earned income credit for the year is:
