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1.Tim has become a successful stock broker and after purchasing his home, a brand new SUV, and a boat, Tim also wanted to show his appreciation for the school he attended and at the same time to influence others to do the same and show their appreciation by donating. As such, Tim donates stock in White Co. to a university on May 1, 2020. Tim had purchased the stock for $3,640 on March 3, 2020, and the stock had a value of $3,600 when he made the donation.

In addition, Tim likes to show off his investment portfolio and as such he indicated that he sold his stock investment for $9,000 loss after holding on to the stock for a less than a year and he also sold his second stock investment for $3,000 after holding on to it for 3 years. Finally, Tim sold his family camper that he had been using for vacations in the last 5 years and incurred a loss of $1,300. He heard that he could also deduct charitable contributions on his federal tax return and is eager to learn how much. What is Tim's deduction for charitable contribution to the university? Round your answer to the nearest dollar.

2.On September 5, 2020, Elizabeth places in service listed property (MACRS 5-year property) in Alaska. The property cost $13,000. She borrowed 17,500 from the bank when the interest rates were favorable (3%) but she is having a hard time earning enough salary to cover the interest expense. Her parents gave her $2,700 and she inherited an oil painting from her uncle, that she was considering selling to cover her business costs. Elizabeth uses the property 61% for business and 24% for the production of income. She elects not to take any available additional first-year depreciation. During the year she also travelled to Boston to discuss acquiring a restaurant and a bakery as she is interested in expanding her business. She is wondering what is she going to do about the property acquired in Alaska as it hasn't been depreciated in full yet. Also, her business partner has suggested that she tries to refinance the loan and not miss the deadline for filing the federal tax return as it would reflect poorly on her future business strategy. Most importantly, to minimize her tax liability, she is interested in calculating maximum deduction in connection with the property.

What is Elizabeth's cost recovery allowance for the year? Round your answer to the nearest dollar.

3.During 2020, David purchased a new factory building and land on September 10, 2020, for $3,700,000 ($500,000 of the purchase price was allocated to land). He didn't elect an alternative depreciation system.In addition during 2020, David acquires and places in service a new SUV that cost $67,580 and weight 6,300 pounds. David uses the vehicle 100% of the time for business use and elects not to use bonus depreciation. His business income is $110,000. What is the total cost recovery deduction for 2020 with respect to the SUV? Round your answer to the nearest dollar.

4.Elizabeth established a Roth IRA account at age 45 and contributed $4,000 per year for 20 years out of her $80,000 salary. After 20 years of contributions, Elizabeth'sRoth IRA account is now worth $138,900, consisting of $85,000 of nondeductible contributions and $53,900 in accumulated earnings that have not been taxed. Elizabeth is thinking about retiring and withdrawing the $138,900 tax-free from the Roth IRA.She wanted to take the money from her account and go traveling around Europe with her granddaughter who wants to go to and practice her newly acquired language skills.Now, Elizabeth is age 65 and receives a distribution of $57,560. Before heading out to Europe, Elizabeth wants to know the status of her Roth IRA account and if she can afford the trip. What is her adjusted basis for her Roth IRA?Round you answer to the nearest dollar