Rhonda owns land used in her trade or business for more than one year. The basis is $9,500 and its FMV is $38,000. Her tax rate is 32% and her AGI is $240,000. She makes no other charitable contributions except for the ones considered below. (Click the icon to view the capital gains and dividends rates table.) (Click the icon to view the tax rates table.) Read the requirements. Requirement a. If she gives the land to a university, determine her tax savings. If she gives the land to a university, Rhonda's tax savings will be Requirements a. If she gives the land to a university, determine her tax savings. b. If she sells the land for $38,000, pays the tax and then contributes the remainder of the cash to the charity, determine her tax savings because of the contribution and the amount that the university receives. Assume that she has no other sales or exchanges during the year. Print Done Reference Single The tax is: If taxable income is: Not over $9,700 Over $9,700 but not over $39,475 Over $39,475 but not over $84,200 Over $84,200 but not over $160,725 Over $160,725 but not over $204,100 Over $204,100 but not over $510,300 Over $510,300 10% of taxable income. $970.00 + 12% of the excess over $9,700. ...... $4,543.00 + 22% of the excess over $39,475. ... $14,382.50 + 24% of the excess over $84,200. ... $32,748.50 + 32% of the excess over $160,725. ... $46,628.50 + 35% of the excess over $204,100. .$153,798.50 + 37% of the excess over $510,300. Print Done Print Reference Done Capital Gains and Dividends Capital gains and losses are assigned to baskets. Five possible tax rates will apply to most capital gains and losses: Ordinary income tax rates (up to 37% in 2019) for gains on assets held one year or less 28% rate on collectibles gains and includible Sec. 1202 gains Preferential tax rates for gains on assets held for more than one year and qualified dividends based on the taxpayer's taxable income and filing status as shown in the following table: Preferential Rate Single Filing Jointly* Head of Household 0% Up to $39,375 Up to $78,750 Up to $52,750 15% > $39,375 but not over $434,550 > $78,750 but not over $488,850 > $52,750 but not over $461,700 20% Over $434,550 Over $488,850 Over $461,700 * The corresponding amounts if married filing separately are half of the amounts for filing jointly. The preferential rate is zero for taxable income up to $39,375 if married filing separately. Print Done Rhonda owns land used in her trade or business for more than one year. The basis is $9,500 and its FMV is $38,000. Her tax rate is 32% and her AGI is $240,000. She makes no other charitable contributions except for the ones considered below. (Click the icon to view the capital gains and dividends rates table.) (Click the icon to view the tax rates table.) Read the requirements. Requirement a. If she gives the land to a university, determine her tax savings. If she gives the land to a university, Rhonda's tax savings will be Requirements a. If she gives the land to a university, determine her tax savings. b. If she sells the land for $38,000, pays the tax and then contributes the remainder of the cash to the charity, determine her tax savings because of the contribution and the amount that the university receives. Assume that she has no other sales or exchanges during the year. Print Done Reference Single The tax is: If taxable income is: Not over $9,700 Over $9,700 but not over $39,475 Over $39,475 but not over $84,200 Over $84,200 but not over $160,725 Over $160,725 but not over $204,100 Over $204,100 but not over $510,300 Over $510,300 10% of taxable income. $970.00 + 12% of the excess over $9,700. ...... $4,543.00 + 22% of the excess over $39,475. ... $14,382.50 + 24% of the excess over $84,200. ... $32,748.50 + 32% of the excess over $160,725. ... $46,628.50 + 35% of the excess over $204,100. .$153,798.50 + 37% of the excess over $510,300. Print Done Print Reference Done Capital Gains and Dividends Capital gains and losses are assigned to baskets. Five possible tax rates will apply to most capital gains and losses: Ordinary income tax rates (up to 37% in 2019) for gains on assets held one year or less 28% rate on collectibles gains and includible Sec. 1202 gains Preferential tax rates for gains on assets held for more than one year and qualified dividends based on the taxpayer's taxable income and filing status as shown in the following table: Preferential Rate Single Filing Jointly* Head of Household 0% Up to $39,375 Up to $78,750 Up to $52,750 15% > $39,375 but not over $434,550 > $78,750 but not over $488,850 > $52,750 but not over $461,700 20% Over $434,550 Over $488,850 Over $461,700 * The corresponding amounts if married filing separately are half of the amounts for filing jointly. The preferential rate is zero for taxable income up to $39,375 if married filing separately. Print Done