Aquamarine Corporation, a calendar year C corporation, makes the following donations to qualified charitable organizations during the current year: Adjusted Fair Market Basis Value Painting held four years as an investment, to a church, which sold it immediately $22,200 $37,000 Apple stock held two years as an investment, to United Way, which sold it immediately 58,275 129,500 Canned groceries held one month as inventory, to Catholic Meals for the Poor 6,480 10,800 Determine the amount of Aquamarine Corporation's charitable deduction for the current year. (Ignore the taxable income limitation.) Painting: The amount of the contribution is Stock: The amount of the contribution is Groceries: The amount of the contribution is Therefore, the total charitable contribution is $

Aquamarine Corporation, a calendar year C corporation, makes the following donations to qualified charitable organizations during the current year: Adjusted Fair Market Basis Value Painting held four years as an investment, to a church, which sold it immediately $22,200 $37,000 Apple stock held two years as an investment, to United Way, which sold it immediately 58,275 129,500 Canned groceries held one month as inventory, to Catholic Meals for the Poor 6,480 10,800 Determine the amount of Aquamarine Corporation's charitable deduction for the current year. (Ignore the taxable income limitation.) Painting: The amount of the contribution is Stock: The amount of the contribution is Groceries: The amount of the contribution is Therefore, the total charitable contribution is $

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter20: Corporations And Parterships

Section: Chapter Questions

Problem 40P

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Aquamarine Corporation, a calendar year C corporation, makes the following donations to qualified charitable organizations during the current year: Adjusted Basis Fair Market Value Painting held four years as an investment, to a church, which sold it immediately $6,000 $10,000 Apple stock held two years as an investment, to United Way, which sold it immediately 15,750 35,000 Canned groceries held one month as inventory, to Catholic Meals for the Poor 2,520 4,200 Determine the amount of Aquamarine Corporation's charitable deduction for the current year. (Ignore the taxable income limitation.) Painting: The amount of the contribution is . Stock: The amount of the contribution is . Groceries: The amount of the contribution is . Therefore, the total charitable contribution is $fill in the blank 4. Feedback Area please do not provide solution in image format thank you!
Problem #2 The following information was taken from the accounts and records of the Helping Hands Foundation, a private, not-for-profit organization classified as a VHWO. All balances are as of June 30, 2018, unless otherwise noted. Unrestricted Support - Contributions $2,000,000 Unrestricted Support - Membership Dues 640,000 Unrestricted Revenues - Investment Income 80,000 Temporarily restricted gain on sale of investments 25,000 Expenses - Program Services 1,860,000 Expenses - Supporting Services 350,000 Expenses - Supporting Services 550,000 Temporarily Restricted Support - Contributions 640,000 Temporarily Restricted Revenues - Investment Income…
A nongovernmental, not-for-profit organization received the following donations of corporate stock during the year: Donation 1 Donation 2 Donation 3 Number of shares 2,000 3,000 1, 000 Adjusted basis $8,000 $5,500 $3,000 Fair market value at time of donation 8,500 6,000 $4,000 Fair market value at year end 10,000 2,000 $2,500 What net value of investments will the organization report at the end of the year? A.) $14,500 B.) $14,000 C.) $13,500 D.) $12,000
Becker CPA Review 3-5 Campbell Corporation, an accrual basis calendar year corporation, had income of $450,000 for financial statement purposes in year 7. This amount included book depreciation of $50,000. The related tax depreciation was $65,000. Further, the financial statements reported $100,000 of municipal bond interest income, an expense of $2,000 for life insurance premiums on the corporation's president, charitable contributions of $5,000, excess capital losses over capital gains of $3,000, income tax penalties of $10,000, state income tax of $40,000, and Federal income tax expense of $175,000. What is the amount of Campbell's taxable income for year 7? a.$522,000 b.$525,000 c.$530,000 d.$565,000
Form 1120 and complete pages 1 and 2 (Schedule C) to the best of your ability . The Sunra Corporation had the following data available for the current year : Gross profit on sales $ 0, 000 Dividend income from nonaffiliated domestic corporations (not debt financed 20%-owned) 2,000 Operating expenses ( exclusive of charitable contributions) 28,000 Charitable contributions 1,500 Sunra's taxable income for the current year is 11,300
edderman Corp., an accrual-basis calendar year repair-service corporation, began business on Monday, January 3, 20X1. Fedderman’s valid S corporation election took effect retroactively on January 3, 20X1. For questions 1 through 4, determine the amount, if any, using the fact pattern for each item. Assume the following facts: Fedderman’s 20X1 books recorded the following items: Gross receipts $9,600 Interest income on investments 250 Charitable contributions 1,250 Supplies 1,200 What amount of net business income should Fedderman report on its 20X1 Form 1120S, U.S. Income Tax Return for an S Corporation, Schedule K? My wrong Answer: 7,400 formula/clue given: {R} - {S}
Assume the financial statements of a non-profit organization had the following financial data at 12-31-22: Change in net assets yr/yr $550,000 Revenue & Gains $10,550,000 Beginning year net assets $4,830,000 1)How much were the expenses for the year? 2) Assume that there were $2,100,000 of fund-raising expenses. Which of the three below areas would those expenses usually fall under: a. Unrestricted b. Temporarily restricted c. Permanently restricted
Fedderman Corp., an accrual-basis calendar year repair-service corporation, began business on Monday, January 3, 20X1. Fedderman's valid S corporation election took effect retroactively on January 3, 20X1. For questions 1 through 4, determine the amount, if any, using the fact pattern for each item. Assume the following facts: Fedderman's 20X1 books recorded the following items: Gross receipts $9,600 Interest income on investments 150 Charitable contributions 650 Supplies 2,000 What amount of net business income should Fedderman report on its 20X1 Form 1120S, U.S. Income Tax Return for an S Corporation, Schedule K? Feedback {R} - {S} I know this is not the answer: 7,100
2. The Ombudsman Foundation is a private nonprofit organization providing dispute resolution and conflict management training. The Foundation had the following preclosing trial balance at December 31, 2024, the end of its fiscal year: Account: Debits Credits Accounts payable $ 37,500 Accounts receivable (net) $ 57,000 Accrued interest receivable 15,500 Accumulated depreciation 3,162,500 Cash 109,000 Contributed services 35,000 Contributions—no restrictions 2,310,000 Contributions—purpose restrictions 780,000 Contributions—endowment 2,650,000 Current pledges receivable 75,000 Education program expenses 1,607,000 Fund-raising expenses 201,000 Investment revenue—purpose restrictions 86,000 Training seminars expenses 4,456,000 Land, buildings, and equipment 5,500,000 Long-term investments 2,690,000 Management and general expenses 365,000 Net assets without donor restrictions 448,000 Net assets with donor…
Kingbird Corporation (a calendar year C corporation) reports the following income and expenses in the current year: Income from operations $200,000 Expenses from operations 140,000 Dividends received (15% ownership) 15,000 On October 1, Kingbird Corporation made a contribution to a qualified charitable organization of $9,000 in cash (not included in any of the above items). Determine Kingbird's charitable contribution deduction for the year. a.$6,525 b.$6,750 c.$7,500 d.$9,000
On April 1, 2021, Betty Trout created a new self-storage company called Betty Storage Company. The following eventsoccurred during the company's first month:April1Betty invested $75,000 cash, land and buildings worth $300,000 and $225,000 respectively.2Rented equipment by paying $4,800 for the first month.5Purchased $5,200 of office supplies for cash.10Paid $10,800 for the premium on a one-year insurance policy effective today.14Paid an employee $2,000 for two weeks' salary.24Collected $22,500 of storage revenue from customers27Collected $2,400 on a rental agreement for storage from May 1, 2021 to April 30, 202228Paid an employee $2,000 for two weeks' salary.29Paid the month's $600 phone bill30Repaired a leak in the roof of the buidling for $2,000 on account31Betty withdrew $3,500 cash from the company for personal use.The following is the company's chart of accounts:101Cash301Betty Trout, Capital106Accounts Receivable302Betty Trout, Drawings124Office Supplies401Storage…
4.A domestic corporation organized and operated as a non-stock non-profit educational institution received P 200,000 from tuition fees and P 300,000 from rentals to private concessionaires. The educational institution used the P 500,000 in order to buy books as part of its program of upgrading the library. Which of the following statement is true? The entire amount of P 500,000 is subject to 30% income tax. The entire amount of P 500,000 is subject to 10% income tax. Only the amount of P 300,000 is subject to 30% income tax. The entire amount of P 500,000 is exempt from income tax.