Question
35 . Nicks adjusted gross income is $60,000 in 2018. He donated a piece of artwork with a basis of $15,000 and a fair market
35. Nicks adjusted gross income is $60,000 in 2018. He donated a piece of artwork with a basis of $15,000 and a fair market value (FMV) of $30,000. He has owned the artwork for 12 years. The charity that Nick donated the artwork to is a public charity and will display the art work in its art center. What is the maximum charitable deduction in 2018 that Nick can take?
- $0.
- $15,000.
- $18,000.
- $30,000.
36. Masouds records reflect the following information:
1. Paid $550 dues to a fraternal organization (such as the Elks Club).
2. Donated stock having a fair market value of $6,000 to a qualified charitable organization. He purchased the stock 2 years earlier for $4,500.
3. Paid $2,500 cash to qualified public charitable organizations.
Masoud's adjusted gross income for this year was $50,000. What is the amount of his charitable contribution deduction for the year?
A) $2,500
B) $7,000
C) $8,500
D) $9,050
37. Chan reports the following income and loss:
Salary | $ 100,000 |
Income from activity A | 75,000 |
Loss from activity B | ( 40,000) |
Loss from activity C | ( 60,000) |
Activities A, B, and C are all passive activities.
Based on this information, Chan has the following suspended losses
A)
Activity B | Activity C |
$0 | $0 |
B)
Activity B | Activity C |
10,000 | $15,000 |
C)
Activity B | Activity C |
$12,000 | $28,000 |
D)
Activity B | Activity C |
$40,000 | $60,000 |
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