Income Tax Fundamentals 2020
38th Edition
ISBN: 9780357391129
Author: WHITTENBURG
Publisher: Cengage
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Question
Chapter 3, Problem 18MCQ
To determine
Concept Introduction:
Deductions are the allowances given to the taxpayer as a deduction from the gross income to calculate the taxable income. Every deduction has some conditions and limits of the amount. Deductions can be for business or personal expenses.
To choose:The gift fully deductible.
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The following gifts are received in 2019 by a not-for-profit entity:
$3,000 specified by the donor to be used to pay salaries.
$12,000 specified by the donor for new conference room furniture.
$6,000 specified by the donor to be held for one year before being expended.
The salaries are paid in 2020 and the conference room furniture is purchased in 2019. The donor did not specify any time restriction on holding the conference room furniture.
What amount should be reclassified on the Statement of Activities for 2020 from the With Donor Restrictions column to the Without Donor Restrictions column?
Multiple Choice
$3,000.
$6,000.
$9,000.
$12,000.
$15,000.
Chapter 3 Solutions
Income Tax Fundamentals 2020
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