Question
Question 1 A taxpayer may elect to capitalize certain annual taxes, mortgage interest, and deductible carrying charges on unimproved and unproductive real property. Question 1
Question 1 A taxpayer may elect to capitalize certain annual taxes, mortgage interest, and deductible carrying charges on unimproved and unproductive real property. Question 1 options: 1) True 2) False
Question 2 Albert Allgood has adjusted gross income in the current year of $30,000. He gave $5,000 cash and a capital gain asset (held long-term) costing $10,000, worth $12,000, to a public charity, and an $8,000 cash contribution to a 20 percent charity. What is the amount of his maximum allowable current charitable contribution deduction, assuming no elections are made? (Assume any carryovers will be used in the future.) Question 2 options:
1) $25,000
2) $20,000
3) $15,000
4) $14,000
5) $23,000
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