Tax And Estate

Question 1

Medical/Dental Itemized Deduction

Answer 1

Amount over 7.5% of AGI of unreimbursed expenses

Question 2

AGI

Answer 2

Income-Exclusions-Deductions FOR AGI

Question 3

Charitable Deductions: Cash

Answer 3

FMV

Public Charities/Private Operating Foundations: 60% of AGI

Private Nonoperating foundations: 30% of AGI

Question 4

Charitable Deductions: Ordinary Income/STCG

Answer 4

Lesser of adjusted basis or FMV

Public Charities/Private operating foundations: 50% of AGI

Private nonoperating foundations: 30% of AGI

Question 5

Charitable Deductions Intangibles

Answer 5

FMV or Basis election

Public charities and private operating foundations: 30% if FMV 50% if Basis

Private nonoperating foundations: 20% if FMV 50% if basis

Question 6

Charitable Deductions Tangible Property (use related)

Answer 6

FMV or Basis election

Public charities or private operating foundations: 30% if FMV 50% if basis

Private nonoperating foundations: 20% for both FMV and Basis

Question 7

Charitable Deductions Tangible Property (unrelated use)

Answer 7

Lesser of adjusted basis or the FMV

Public charities or private operating foundations: 50%

Private nonoperating foundations: 20%

Question 8

Charitable deductions Real Property

Answer 8

FMV or basis election

Public charities or private operating foundations: 30% if FMV 50% if Basis

Private nonoperating foundations: 20%

Question 9

Section 179 Expensing

Answer 9

Election to expense newly purchased business/trade personal property (personalty) no real estate

Up to $1.04 million

Reduced if purchases over $2.59 million

Cannot expense more than business’s taxable income for the year