Question # 6. Jerry made the following contributions during 2012: His synagogue
ID: 2380231 • Letter: Q
Question
Question # 6. Jerry made the following contributions during 2012:
His synagogue (by check) $980
The Republican Party (by check) 180
The American Red Cross (by check) 150
His lodge for a holiday party 100
In addition, Jerry donated used furniture to the Salvation Army costing $2,000 with a fair
market value of $400. Assuming Jerry has adjusted gross income of $45,000, has the
necessary written acknowledgments, and itemizes deductions. Compute the amount
that would be eligible for the Gifts to Charity section of Schedule A, what is Jerry
Jerry made the following contributions during 2012: His synagogue (by check) $980 The Republican Party (by check) 180 The American Red Cross (by check) 150 His lodge for a holiday party 100 In addition, Jerry donated used furniture to the Salvation Army costing $2,000 with a fair market value of $400. Assuming Jerry has adjusted gross income of $45,000, has the necessary written acknowledgments, and itemizes deductions. Compute the amount that would be eligible for the Gifts to Charity section of Schedule A, what is Jerry's deduction for 2012. Quince Corporation has taxable income of $450,000 for its 2012 calendar tax year. Calculate the corporation's income tax liability for 2012 before tax credits.Explanation / Answer
Lodge expense for party and political contributions are n ot deductible. The furniture's fair market value is deductible (lesser of fair market value or basis).
Line 16 = 830
Line 17 = 400
Line 19 = 1230