1. Mitzi's AGI for the year is $33,000. None of the medical costs are reimbursed by insurance. After considering the AGI floor, Mitzi's medical expenses total:
a. $13,725
b. $14,675
c. $23,950
d. $17,150
2. Sidney purchased land in 2003 for $35,000 that she held as capital asses. This year, she contributed the land to the Boy Scouts of America for use as a site for a summer camp. The market value of the land at the dte of contribution is $40,000.
Sidney's adjusted gross income is $90,000. Assuming no special election, Sidney's maximum deductible contribution this year is"
a. ordinary
b. captial
c. Sec. 1231
d. Sec. 1244
3. Jill is considering making a donation to her church. She wants to give $50,000 for the new church building. She has some stock with a FMV of %50,000 and an adjusted basis of $10,000 that she has held for 3 years. She is planning to sell the stock and donate the $50,000 proceeds to the church. What should she consider before taking that action?
During the current year, Aloha Corporation, a pharmaceutical manufacturer, donates some of its inventory to the American Red Cross who intends to use the medication for the care of the needy and ill. At the time of the contribution, the FMV of the inventory is $75,000. Aloha's basis in the inventory is $50,000. What is the amount of Aloha's contribution to the American Red Cross?