Hu makes a gift of his home to a local homeless shelter (a 501(c)(3) charity). Hu will retain his home for 10 years, after which the homeless shelter will take possession. The value of Hu's 10-year interest is $30,000 and the remainder interest is valued at $120,000. Which of the following statements is correct?
A) Hu is allowed a charitable deduction on his gift tax return for $150,000 in the current year.
B) Hu is allowed an exclusion of $15,000 on his gift of $120,000 to the charity.
C) Hu is not allowed to deduct the contribution until the charity takes possession in 10 years.
D) Hu has a charitable contribution deduction of $120,000 on his current gift tax return.
D) Hu has a charitable contribution deduction of $120,000 on his current gift tax return.
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a. True b. False Indicate whether the statement is true or false
When you help the team set the standards and develop positive norms as you transition from being a group to being a team, you are ______.
a. planning b. controlling c. leading d. organizing and staffing
During the month of July, Clanton Industries issued a check in the amount of $845 to a supplier on account. The check did not clear the bank during July. In preparing the July 31 bank reconciliation, the company should:
A. Deduct the check amount from the book balance of cash. B. Add the check amount to the book balance of cash. C. Make a journal entry in the company records for an error. D. Add the check amount to the bank balance. E. Deduct the check amount from the bank balance.
What was the purpose of SATTA?
a. To develop standards for accounting b. To determine an appropriate valuation system for financial statements c. To provide a survey of the current financial accounting literature and a statement of where the profession stood relative to accounting theory d. To develop metatheoretical guidelines for the evaluation of accounting information and valuation systems