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no explanation only answer 1.During the year, Lisa makes the following donations to her church, that is not considered a private nonoperating foundation: cash of

no explanation only answer

1.During the year, Lisa makes the following donations to her church, that is not considered a private nonoperating foundation: cash of $1,500 and unimproved land worth $32,500. Lisa had purchased the land 4 years ago for $21,450 and held it as an investment. Lisa's salary for the year was $50,000. She borrowed $10,000 from the bank with the intention of buying a personal use car. She also received an alimony from her ex-husband Marvin in the amount of $10,000 (divorce was finalized in 2015). She had to pay $6,000 in child support. However, her aunt Mable gifted her $20,000 to assist with child support. How much is the carryover charitable contribution deduction? Round you answer to the nearest dollar.

2.David is a single taxpayer who has decided to open up his own business and start his career as a sole proprietor. He is hoping to hire an assistant to take care of his accounting and books for the business. After conducting his own research and attending some conferences he believes he has a good business plan and is eager to put it into practice. He was advised that once he purchases assets for his business, some of those assets might be subject to a cost recovery. He acquires and places in service business equipment (a 5-year class asset) on February 1, 2020, at a cost of $70,000. It is the only asset he places in service in 2020. David sells the asset in 2024 for $50,000. What is David's realized gain on sale of this asset in 2024? Round your answer to the nearest dollar.

3.Silver Manufacturing places the following assets in service during 2020. All are 5-year class assets, and they are the only assets Silver placed in service during the year.

Asset 1 (April 3,2020)$783,000

Asset 2 (July 17,2020)$322,000

Asset 3 (October 22,2020)$1,058,000

Total$2,163,000

What is Silver Manufacturing's cost recovery deduction for the year? Round your answer to the nearest dollar.

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