Quiz on Gross Income and Cash-Basis Taxpayer Reporting
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Questions and Answers

What is the maximum allowable deduction for cash contributions to public charities, as a percentage of the taxpayer's AGI?

  • 50%
  • 20%
  • 60% (correct)
  • 30%

    • Which of the following is true regarding the deduction for charitable contributions of ordinary income property?

  • The deduction is limited to 60% of the taxpayer's AGI
  • The deduction is limited to the adjusted basis of the property
  • The deduction is limited to 50% of the taxpayer's AGI (correct)
  • The deduction is limited to the fair market value of the property

    • What is the maximum allowable deduction for charitable contributions of long-term capital gain property, as a percentage of the taxpayer's AGI?

  • 30% (correct)
  • 50%
  • 60%
  • 20%

    • Which of the following is true regarding the deductibility of casualty losses?

    <p>Casualty losses are only deductible if they are the result of a federally declared disaster</p> Signup and view all the answers

    What is the maximum deduction allowed for gambling losses?

    <p>Gambling losses are deductible up to the amount of gambling winnings</p> Signup and view all the answers

    Which of the following is a requirement for the Section 199A qualified business income (QBI) deduction?

    <p>The business must be a flow-through entity</p> Signup and view all the answers

    What is the maximum deduction available under Section 199A for a qualified trade or business (QTB)?

    <p>20% of QBI</p> Signup and view all the answers

    For taxpayers with income below a certain threshold, how is the Section 199A deduction calculated for a specified service trade or business (SSTB)?

    <p>The deduction is limited to 20% of QBI</p> Signup and view all the answers

    What is the purpose of the five-year carryforward for excess charitable contributions over the AGI limit?

    <p>To allow the taxpayer to claim the excess deduction over the next five years</p> Signup and view all the answers

    Which of the following is true regarding the deduction for contributed services?

    <p>There is no deduction allowed for contributed services</p> Signup and view all the answers

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