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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?

Casualty losses are only deductible if they are the result of a federally declared disaster (B) Signup and view all the answers

What is the maximum deduction allowed for gambling losses?

Gambling losses are deductible up to the amount of gambling winnings (D) Signup and view all the answers

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

The business must be a flow-through entity (A) Signup and view all the answers

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

20% of QBI (A) 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)?

The deduction is limited to 20% of QBI (A) Signup and view all the answers

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

To allow the taxpayer to claim the excess deduction over the next five years (A) Signup and view all the answers

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

There is no deduction allowed for contributed services (C) Signup and view all the answers