Question
A. Kim is an alumnus of the University of Alabama. He attends all home and away football games. In 2021, Kim made her annual donation
A. Kim is an alumnus of the University of Alabama. He attends all home and away football games. In 2021, Kim made her annual donation of $3,000 to ULM to be placed on the season ticket holder waiting list. How much can Kim deduct as a charitable donation in 2021?
- A. $3,000
- B. $1,500
- C. $0
- D. $1,800
B. Will age 63, enjoys visiting casinos around the country. He plays the $5 slot machines when goes to the casino. In 2021, Will won $135,000 while playing the $5 slot machines, he also lost $60,000 while playing the slot machines. How much in gambling losses is Will allowed to deduct as an itemized deduction in 2021?
- A. $35,000
- B. $135,000
- C. $60,000
- D. $75,000
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