How much of the interest can Magpie Corporation deduct in 2016? In 2017?The stock is treated as capital gain property and Donna’s charitable contribution deduction is $ for tax purposes.
How much of the interest can Magpie Corporation deduct in 2016? In 2017?The stock is treated as capital gain property and Donna’s charitable contribution deduction is $ for tax purposes.
Donna donates stock in Chipper Corporation to the American Red Cross on September 10, 2016. She purchased the stock for $18,100 on December 28, 2015, and it had a fair market value of $27,000 when she made the donation.
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a. The stock is treated as capital gain property and Donna’s charitable contribution deduction is $ for tax purposes.
b. Assume instead that the stock had a fair market value of $15,000 (rather than $27,000) when it was donated to the American Red Cross. Donna’s charitable contribution deduction would be $ for tax purchases.
Problem 10-26 (LO. 2)
Paul, age 62, suffers from emphysema and severe allergies and, upon the recommendation of his physician, has a dust elimination system installed in his personal residence. In connection with the system, Paul incurs and pays the following amounts during 2016:
Doctor and hospital bills $2,500
Dust elimination system 10,000
Increase in utility bills due to the system 450
Cost of certified appraisal 300
In addition, Paul pays $750 for prescribed medicines.
The system has an estimated useful life of 20 years. The appraisal was to determine the value of Paul’s residence with and without the system. The appraisal states that his residence was worth $350,000 before the system was installed and $356,000 after the installation. Paul’s AGI for the year was $50,000.
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