Patrick's records for the current year contain the following information: -He donated stock having a fair market value of $5,000 to a qualified charitable organization. Patrick acquired the stock two years ago at a cost of $3,000. -He donated 20 hours of his time as a professional plumber to a qualified charitable organization. He bills his time to his customers at $50 per hour. -He also donated $7,500 cash to a qualified charitable organization. Patrick's adjusted gross income for the year is $100,000. What is the amount of his charitable contribution deduction?

Select one:

a.

$11,500

b.

$13,500

c.

$12,500

d.

$10,500

2.

Nina who is 60 purchases an annuity for $40,000. Nina will receive $500 per month (6,000 per year) for the rest of her life. The expeced return multiple is 24.2 years. At age 85, the amount that Nina can exclude from income annually is:

a.

$0.

b.

$1,652.

c.

$6,000.

d.

$4,348

Paula paid the following taxes this year:

Property taxes on rental home in Napa, Ca.	$4,000
Property taxes on her personal residence in Oakland	3,600
Federal income taxes	8,000
California Income Taxes withheld from her paycheck	3,400
California Estimated Taxes	500

What amount can Paula deduct as an itemized deduction on SCHEDULE A her tax return?

a.

$15,000

b.

$10,000

c.

$15,500

d.

$7,500

e.

$19,500

Reesa receives an $14,500 scholarship from SFSU.. The university specifies that $8,500 is for tuition, books, supplies, and equipment, while $6000 is for room and board. In addition, Hope works part-time at the campus library and earns $7,000. Hope's gross income is

a.

$14,500.

b.

$21,500.

c.

$13,000.

d.

$7,000.