Homework Wk 7.doc

Homework Wk 7.doc - Chapter 10. 17. Jack would be able to...

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Chapter 10. 17. Jack would be able to deduct $700 because he contributed the money to the qualified charitable organization. Betty cannot take any deductions because she donated the $500 directly to the family and not through the qualified organization. 21. At first, to be deductible, a contribution must be made to a qualified charitable organization. Clothes, furniture and other items that Zina has donated are deductible if they are in “good used condition or better” at the time of the gift. She will be able to deduct the fair market value of the donated items. No deduction will be allowed unless Zina keeps the appropriate documentation. Zina will need to report the value of donated goods on Schedule A of form 1040 as an itemized deduction. Also, if Zina does not donate the $500 of cash that she collects on Friday before closing, she would need to include this income in her tax return. If she donates this money, a deduction is allowed if she has a receipt from the charitable organization. 28. The total of Susan’s qualified medical expenses is $39370 (4200 + [5600 + 4800 + 5100] + 2200 + 780 + 540 + [4800 + 3700 + 2650] + [6500 + 700 – 2200]) 29. The questions that need to be asked are the following: Is Susan Rebecca’s dependent? If so, the medical expenses for dependent are deductible at the time when
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This note was uploaded on 07/09/2011 for the course ACCT 307 taught by Professor 1 during the Spring '10 term at Strayer.

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Homework Wk 7.doc - Chapter 10. 17. Jack would be able to...

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