How much is the carryover charitable contribution deduction

Assignment Help Accounting Basics

Reference no: EM132805850

Problem 1: During the year, Lisa makes the following donations to her church, that is not considered a private nonoperating foundation: cash of $1,500 and unimproved land worth $32,500. Lisa had purchased the land 4 years ago for $21,450 and held it as an investment. Lisa's salary for the year was $50,000. She borrowed $10,000 from the bank with the intention of buying a personal use car. She also received an alimony from her ex-husband Marvin in the amount of $10,000 (divorce was finalized in 2015). She had to pay $6,000 in child support. However, her aunt Mable gifted her $20,000 to assist with child support. How much is the carryover charitable contribution deduction? Round you answer to the nearest dollar.

Reference no: EM132805850

Questions Cloud

What the amount of differential cost increase or decrease : Sage Company is operating at 90% of capacity,What the amount of differential cost increase or decrease from making the part rather than purchasing it would be a

Develop an instructional or training product : You developed the instructional objectives for your project. Building on Assignment 1, you will create strategies that support the identified objectives.

What will be the beta of the new portfolio : You plan to use the proceeds to purchase another stock which has a beta equal to 0.8 . What will be the beta of the new portfolio?

Corporate memo on ethical and legal concerns : What are the ethical concerns in the given business situation? What is the relationship between ethics and law in business.

How much is the carryover charitable contribution deduction : However, her aunt Mable gifted her $20,000 to assist with child support. How much is the carryover charitable contribution deduction?

What is the average monthly amount larry can afford : Quantitative Reasoning Process, If he has money left, what is the average monthly amount Larry can afford to spend each month?

Write brief description of students specific learning needs : Diversity affects the culture of the classroom, the teacher's instructional design, and the lesson planning process. A respect for diversity should be evident.

Analyze the details of the lease agreement : Analyze the details of the lease agreement and determine whether it should be classified as an operating or a capital lease by ABC Corporation

Discuss the success and challenges with the lesson : Once you have implemented your lesson plan, discuss the success and challenges with the lesson with your mentor teacher. Ask for feedback and suggestions.

User Account

All Pages