Question
1) Pat gave 5,000 shares of Coyote Corporation (a publicly traded corporation) to his church (a qualified charity) in the current year. The shares were
1) Pat gave 5,000 shares of Coyote Corporation (a publicly traded corporation) to his church (a qualified charity) in the current year. The shares were worth $180,000 and he had purchased them as an investment four years ago at a cost of $120,000. He reported AGI of $300,000 for the year. When completing your current tax return, how much is your charitable contribution deduction for the current year?
2) Brad, who would otherwise qualify as Faye's dependent, had a gross income of $9,000 during the
year. Faye, who had an AGI of $120,000, paid for the following medical expenses this year:
Cataract surgery for Brad | $5,400 |
Brad's Prescription Contact Lenses | 1,800 |
Faye's doctor and dentist bills | 12,600 |
Prescription drugs for Faye | 2,550 |
Total | $22,350 |
What is Faye's total medical expense deduction?
3) Corey is the town sales manager for "RIBS", a national fast food franchise. Every working day,
Corey drives his car like this:
Miles | |
home to office | 20 |
Office at RIBS No. 1 | 15 |
Ribs No. 1 to No. 2 | 18 |
Ribs No2. to no. 3. | 13 |
Ribs nÂș 3 at home | 30 |
Corey is accountable to his employer. What are Corey's refundable miles?
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