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Exam 7: Individual From Agi Deductions

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Question 41

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When taxpayers donate cash and capital gain property to a public charity, the AGI percentage limitation is applied in the following order:

A) a 30 percent of AGI limitation is applied to the aggregate donation.
B) a 60 percent of AGI limitation is applied to the cash donation and a 20 percent of AGI limitation is applied to the fair market value of the capital gain donation.
C) a 30 percent of AGI limitation is applied to the cash donation and a 20 percent of AGI limitation is applied to the fair market value of the capital gain donation.
D) a 60 percent of AGI limitation is applied to the cash donation and the fair market value of the capital gain donation is subject to the lesser of a 30 percent of AGI limitation or a 50 percent of AGI limitation after subtracting the cash contributions.
E) donations to public charities are not subject to AGI limitations.

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Question 42

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Misti purchased a residence this year.Misti, age 32, is a single parent and lives with her one-year-old daughter.This year, Misti received a salary of $160,000 and made the following payments: Use Standard deduction. Misti files as a head of household.Calculate her taxable income this year.

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$141,650 = $160,000 − $18,350.
Misti's i...

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Question 43

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Carly donated inventory (ordinary income property) to a church.She purchased the inventory last month for $100,000, and on the date of the gift, it had a fair market value of $92,000.What is her maximum charitable contribution deduction for the year related to this inventory if her AGI is $200,000?

Detmer is a successful doctor who earned $204,800 in fees this year, but he also competes in weekend golf tournaments.Detmer reported the following expenses associated with competing in almost a dozen tournaments: This year Detmer won $5,200 from competing in various golf tournaments.Assuming that Detmer itemizes his deductions and that he did not have any other miscellaneous itemized deductions, what amount of the golfing expenses is deductible after considering all limitations if the tournament golfing is treated as a hobby activity?

To qualify as a charitable deduction the donation must be made by cash or by check.

The deduction for medical expenses is limited to the amount of unreimbursed qualifying medical expenses paid during the year reduced by 2 percent of the taxpayer's AGI.

This year Norma, a single taxpayer, paid $11,200 of real estate taxes on her personal residence and $9,500 of state income taxes.Which of the following is true?