During 2021, Ellen Evans, made cash contributions, as listed below. Cash contribution to her church Cash contribution to the government of the of Virginia Commonwealth Cash contribution to the Democratic party Ellen also made in-kind contributions, as listed below. Contribution of used clothing to the Salvation Army (market value of $300, basis of $1,900) Contribution of XYZ, Inc. capital stock with a long-term holding period (market value of $10,000, basis of $7,000) Finally, Ellen, a self employed attorney, performed 10 hours of legal services for her church at no charge. Assume that Ellen normally charges $250 per hour for her services. $ 4,000 1,000 500 Assuming that Ellen has substantial adjusted gross income and that the charitable contribution percentage limitation is not an issue, what total charitable contribution amount may Ellen claim on her 2019 Form 1040? A $ 15,800 B 17,800 C 18,300 D 15,300 E None of the above

During 2021, Ellen Evans, made cash contributions, as listed below. Cash contribution to her church Cash contribution to the government of the of Virginia Commonwealth Cash contribution to the Democratic party Ellen also made in-kind contributions, as listed below. Contribution of used clothing to the Salvation Army (market value of $300, basis of $1,900) Contribution of XYZ, Inc. capital stock with a long-term holding period (market value of $10,000, basis of $7,000) Finally, Ellen, a self employed attorney, performed 10 hours of legal services for her church at no charge. Assume that Ellen normally charges $250 per hour for her services. $ 4,000 1,000 500 Assuming that Ellen has substantial adjusted gross income and that the charitable contribution percentage limitation is not an issue, what total charitable contribution amount may Ellen claim on her 2019 Form 1040? A $ 15,800 B 17,800 C 18,300 D 15,300 E None of the above

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter17: Corporations: Introduction And Operating Rules

Section: Chapter Questions

Problem 39P

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Linda is an employee of JRH Corporation. Which of the following would be included in Lindas gross income? a. Premiums paid by JRH Corporation for a group term life insurance policy for 50,000 of coverage for Linda. b. 1,000 of tuition paid by JRH Corporation to State University for Lindas masters degree program. c. A 2,000 trip given to Linda by JRH Corporation for meeting sales goals. d. 1,200 paid by JRH Corporation for an annual parking pass for Linda.
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During 2019, Carl (a single taxpayer) has a salary of $91,500 and interest income of $11,000. Calculate the maximum contribution Carl is allowed for an educational savings account. $0 $400 $1,000 $2,000 Some other amount