Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please address the following: 1. While preparing Massie Miller's 2016 Schedule A, you review the following list of possible charitable deductions provided by Massie: $1,000

image text in transcribed

Please address the following: 1. While preparing Massie Miller's 2016 Schedule A, you review the following list of possible charitable deductions provided by Massie: $1,000 Cash contribution to a family whose house burned down Time while working as a volunteer at Food Bank (5 hours@$50/hour) 250 800 Cash contribution to United Methodist Church (receipt provided) Cash contribution to Salvation Army (note from Massie: "I can't remember exactly the amount that I gave and I can't find the receipt I think it was around $500.") Total $2,550 What would you say to Massie regarding her listed deductions?How much of the deduction is allowed for charitable contributions? 2. In 2016, Gale and Cathy Alexander hosted an exchange student, Axel Muller, for 9 months. Axel was part of International Student Exchange Programs (a qualified organization). Axel attended tenth grade at the local high school. Gale and Cathy did not claim Axel as a dependent but paid the following items for Axel's well-being: Food and clothing Medical care $1,500 200 2,700 Fair market value of lodging Entertainment Total $4,500 Gale and Cathy have asked for your help in determining if any of the $4,500 can be deducted as a charitable contribution. Required: Go to the IRS website (www.irs.gov) and locate Publication 526. Please answer the question for Gale and Cathy. If they can claim a deduction, be sure to include in your post the amount that can be deducted and any substantiation requirements

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Why CISOs Fail Security Audit And Leadership Series

Authors: Barak Engel

2nd Edition

1032299258, 978-1032299259

More Books

Students also viewed these Accounting questions