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Author Question: During February and March, Jade spends approximately 90 hours of her time volunteering her time at ... (Read 120 times)

Pineapplelove6

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Question 1

Doris donated a diamond brooch recently appraised at $25,000 to her local church. Doris had purchased it many years ago for $10,000. The church sold the brooch to provide funding for church programming.  Doris' AGI is $40,000. Doris will be able to take a charitable deduction of
◦ $10,000.
◦ $25,000.
◦ $12,000.
◦ $20,000.

Question 2

During February and March, Jade spends approximately 90 hours of her time volunteering her time at the Salvation Army (a public charity) preparing tax returns for low-income families. As a CPA, Jade normally bills her clients at $130 per hour for her time. Jade also drives her car a total of 800 miles in performing her voluntary work. Jade's deductible contribution is
◦ $0.
◦ $112.
◦ $11,700.
◦ $11,812.


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Marked as best answer by Pineapplelove6 on Sep 13, 2020

mariahkathleeen

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Pineapplelove6

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Reply 2 on: Sep 13, 2020
Thanks for the timely response, appreciate it


nathang24

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

 

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