Deet, an unmarried taxpayer, qualified to itemize deductions. Deet's adjusted gross income was $40,000 and he made a $1,500 substantiated cash donation directly to a needy family. In the same year, Deet also donated art, valued at $11,000, to a local art museum. Deet had purchased the artwork two years earlier for $2,000. What was the maximum amount of the charitable contribution allowable as an itemized deduction on Deet's income tax return

Answers

Answer 1

Answer:

$11,000

Explanation:

Based on the information given What will be the MAXIMUM AMOUNT OF THE CHARITABLE CONTRIBUTION ALLOWABLE as an itemized deduction on Deet's income tax return will be the amount of $11,000 which represent the amount the art value that Deet donated to the local art museum which was valued at $11,000.

Therefore the maximum amount of the charitable contribution allowable as an itemized deduction on Deet's income tax return is $11,000


Related Questions

Name any FIVE causes of stress in the workplace​

Answers

Answer:

1. long hours

2. tight deadlines

3. heavy workload

4. changes to duties

5. job insecurity

Jon enjoys fishing (which costs $20) and golf (which costs $30) and has $140 to spend each month on these activities. Last month, Jon fished four times and golfed twice. The last fishing outing provided Jon a marginal utility of 50, and the last round of golf provided a marginal utility of 120. What is Jon's marginal utility per dollar spent on the last time fishing

Answers

Answer:

Fishing - 2.5 and Golfing - 4

Explanation:

Calculation to determine What is Jon's marginal utility per dollar spent on the last time fishing and golf

Last fishing outing produced =50 / $20

Last fishing outing produced = 2.5 units of utility per dollar.

Last round of golf provided= 120 / $30

Last round of golf provided= 4 units of utility per dollar

Therefore Jon's marginal utility per dollar spent on the last time fishing and golf is Fishing - 2.5 and Golfing - 4

This is a receipt for a purchase made at a restaurant in Sacramento, California. The total cost of the food and drinks before taxes was . The buyer paid in sales tax. Based on the receipt, Sacramento has a sales tax rate of .

Answers

Answer:

Total bill = $10.00Sales tax = $0.85Sales tax rate = 8.5%

Explanation:

According to the receipt in question, the buyer paid a total bill of $10.00.

Buyer also paid a sales tax of $0.85.

The total cost of the food was $10.00 and a sales tax of $0.85 was paid.

The sales tax is based on the amount paid so the sales tax rate is the percentage of $10 that $0.85 is.

= Sales Tax / Total bill * 100%

= 0.85 / 10 * 100%

=  0.085 * 100%

= 8.5%

Answer:

1- B) $10.00

2- A) $0.85

3- B) 8.5%

Explanation:

I did it on edge and got it right

I can't believe it, said Wiley Coyote, I am the president of Acme enterprises and we make $200,000 a year profit with me working my tail off. Our distributor, Road Runner Representatives, made over $800,000 in commissions. I don't understand why they are making all of that money when all they do is run around all day and say beep-beep to customers. I think we should lower the commission rate to bring their income down to a more reasonable level. This is an example of

Answers

Answer:

This is an example of vertical conflict.

Explanation:

A vertical conflict can be described as a conflict that occurs between two different types of members in a distribution channel - for example, a manufacturer, an agent, a wholesaler, or a retailer.

In the question the Acme enterprises which its president, Wiley Coyote, represents is the manufacturer; while their distributor is the agent. In this case, a vertical conflict is said to have occurred between the manufacturer and the agent who are both different types of members of the same distribution channel.

Therfore, this is an example of vertical conflict.

Bil Tarnofsky makes the following statement: 'We must become more flexible if we are to meet our personnel needs and maximize efficiency. In the past, we simply hired as many full-time employees as we thought we needed. But this focus has caused us to lose many valuable employees. We should offer flextime and job sharing options to help us keep and attract talented employees. "Margaret Robin responds by saying "Alternatives to traditional job design approaches can lead to significant cost savings. Next year we are expected to have 500 more employees than our current facility allows, but my analysis reveals that 600 of our employees could telecommute. Therefore, we can avoid costly actions such as moving our offices or building extensions if these workers became telecommuters, job sharing can also reduce facility costs as well as payroll costs. Tamnofsky and Robin would be most likely to disagree about which of the following questions?
A. Would telecommuting likely lead to cost savings?
B. Does the organization have a moral obligation to offer flextime and job sharing options?
C. If offering a job sharing option would not reduce costs, should the organization still offer it?
D. Would the organization be better able to keep valuable employees if it offered flextime and job sharing options?
E. Are any other organizational structure decisions important for the future of the organization?

Answers

Answer:

C. If offering a job sharing option would not reduce costs, should the organization offer it?

Explanation:

The statement Bil Tarnofsky makes is focused on retaining talented employees and attract new talented employees, by offering flextime and job sharing options

The statement Margaret Robin responds with is the use of alternative job design, such as telecommuting could achieve higher cost savings from the need to accommodate the 500 more employees, by moving the offices and expanding the buildings, in the coming year

Tamnofsky and Robin would be most likely to disagree on the different focus of their statements which are; If offering a job sharing option would not reduce costs, should the organization offer it?

Spackel Corporation recorded the following events last year: Issuance of shares of the company's own common stock $ 380,000 Purchase of long-term investment $ 40,000 Dividends paid to the company's own shareholders $ 18,000 Cash paid to suppliers for inventory purchases $ 12,000 Repayment of principal on the company's own bonds $ 370,000 Interest paid to lenders $ 6,000 Collection by Spackel of a loan made to another company $ 110,000 Purchase of equipment $ 350,000 On the statement of cash flows, some of these events are classified as operating activities, some are classified as investing activities, and some are classified as financing activities. Based solely on the information above, the net cash provided by (used in) investing activities on the statement of cash flows would be: Multiple Choice $(280,000) $(760,000) $(1,286,000) $(390,000)

Answers

Answer:

$(280,000)

Explanation:

The computation of the net cash provided or used by investing activities is given below:

Purchase of long-term investment -$40,000

Collection by Spackel of a loan made to another company $110,000

Purchase of equipment -$350,000

Net cash used by operating activities -$280,000

Some industries’ competition is much more intense than others. Retail grocery stores such as Kroger, Safeway, and Albertson’s in the United States experience fierce competition and offer similar marketing campaigns to compete. What is this an example of in terms of Porter’s Five Forces Model? Multiple Choice rivalry among new entrants rivalry among existing competitors threat of substitute products or services buyer power

Answers

Answer:

rivalry among existing competitors

Explanation:

The Porters' 5 forces is used to analyse the competitiveness among firms in an industry.

Porter's 5 forces include :

Competition in the industry : the higher the number of companies in the industry, the lower the power an individual firm possesses. For example, if an industry increases it price, a consumer can easily shift to the consumption of substitutes  Potential of new entrants into the industry : If there are low barriers to entry in an industry, firms in the industry experience greater competition   Power of suppliers : the higher the number of suppliers in the industry, the higher the bargaining power of firms in the industry and the greater the power they possess  Power of customers : the larger the number of customers, the greater the power firms possess Threat of substitute product : if there are little or no substitutes for the goods produced by companies, the greater the power the firms possess

Which of the following will increase the money supply? Question 17 options: an increase in the discount rate (relative to the federal funds rate) a decrease in the required reserve ratio an open market sale by the Fed a and c b and c

Answers

Answer:

a decrease in the required reserve ratio

Explanation:

The Federal Reserve utilises various strategies to control money supply to the economy. Money supply is the amount of money that is held by by the public in an economy.

The various methods used by the Federal Reserve to regulate money supply includes discount rate, reserve ratio, and open market operations.

Money supply will increase when the reserve ratio for commercial banks is decreased. This means less of their funds is required to be witheld from the public.

On the other hand an open market sale will mop up the cash in the economy, and an increase in discount rate (rate of lending to banks) will also cause a decrease in money supply.

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