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Point 1: Steve made the following transfers during the year: $10,000 to Louisiana State University. The $10,000 contribution allows him to purchase football season tickets. Steve also bought the football season tickets at a cost of $5,000. $400 to the local public broadcast television station during the annual fund drive. In return for the $400 contribution, Steve received a mug and pen with the station's logo valued at $8. 1,000 shares of ABC stock to the United Way. At the date of the contribution, the stock had a fair market value of $50 per share. Steve's adjusted taxable basis in the stock was $10 per share and he held the stock long term.
Question 1: Ignoring any AGI limitations, what is Steve's maximum charitable income tax deduction for this year? Please show your work.
(a) $18,400.
(b) $50,400.
(c) $55,392.
(d) $58,400.
Benita Ford, a resident taxpayer purchased a house on 30 June 2008 which she used as her main residence for 2 years until 30 June 2010.
On July 1, 2014, Ellsbury Inc. entered into a contract to deliver one of its specialty machines to Kickapoo Landscaping Co. The contract requires Kickapoo to pay the contract price of $2,500 in advance on July 15, 2014. Prepare the journal entry on J..
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Bill Hooper opened a software consulting firm that immediately paid $6,000 for a computer. Was Hooper’s computer an expense of the business? If not, explain.
amounts have been taken from the recent financial statements for Sammie Enterprises
Find their most recent annual report. Calculate a complete DuPont analysis calculating the ROE, ROA, the profit margin, total asset turnover and equity multiplier. Critique the differences between the two corporations in approximately 100 words.
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Assume that someone asks you for some advice on investing in bonds. You are fully aware of the five risk categories explained in Chapter 10. Assume that the person asking for advice would like to know your opinion on which risk is the one in which to..
Amoruso engine shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows: Determine the predetermined shop overhead rate per direct hour.
The Good Word Store reported the following figures, note the company’s fiscal year ends on January 31 each year: What is the net income or net loss for the fiscal year ending January 31, 2015?
Compute the price of the bonds as of their issue date. Prepare the journal entry to record the bonds' issuance. Citywide Company issues bonds with a par value
John sues ivan in a state court, seeking damages for breach of contract to sell a tennis raquet. the trial court finds for ivan. john announces that he will appeal 'all the way to the supreme court of the united states, if necessary, to change the de..
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