Johnny had a crazy year. What amount must be included in his gross income for the...
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Johnny had a crazy year. What amount must be included in his gross income for the following items? • Johnny was in a car accident where he was not at fault. The other driver had to pay him $21,000 to cover Johnny's medical costs. • Johnny's great-aunt gifted him an antique, leather book collection worth $50,000. • Amber published an article about Johnny that included several, serious accusations. Johnny sued Amber for damage to his reputation and punitive damages. He won his case and won awards of $15,000 for the reputational damage and $27,000 for punitive damages. This year, Dani made the following donations: Painting worth $4,200 to the Tucson Museum of Art. She purchased the painting in 2002 for $1,500 and the museum is planning to display the painting in their new gallery. $500 in cash to political campaign for governor. • Kitchen appliances with FMV of $120 to Goodwill. She bought the appliances brand new from Target last year for $280. ● ● What maximum amount of charitable contributions are deductible for Dani (ignoring any AGI limitations)? Johnny had a crazy year. What amount must be included in his gross income for the following items? • Johnny was in a car accident where he was not at fault. The other driver had to pay him $21,000 to cover Johnny's medical costs. • Johnny's great-aunt gifted him an antique, leather book collection worth $50,000. • Amber published an article about Johnny that included several, serious accusations. Johnny sued Amber for damage to his reputation and punitive damages. He won his case and won awards of $15,000 for the reputational damage and $27,000 for punitive damages. This year, Dani made the following donations: Painting worth $4,200 to the Tucson Museum of Art. She purchased the painting in 2002 for $1,500 and the museum is planning to display the painting in their new gallery. $500 in cash to political campaign for governor. • Kitchen appliances with FMV of $120 to Goodwill. She bought the appliances brand new from Target last year for $280. ● ● What maximum amount of charitable contributions are deductible for Dani (ignoring any AGI limitations)?
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Related Book For
Taxation Of Individuals And Business Entities 2015
ISBN: 9780077862367
6th Edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
Posted Date:
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