Robert and Becky (Husband and Wife)are Both Lawyers and They

question 8

Multiple Choice

Robert and Becky (husband and wife) are both lawyers and they contribute money to various organizations each year.They file a joint return and their adjusted gross income for 2014 is $100,000.They contributed to the following organizations in 2014: • $5,000 to Alta Sierra country club
• $10,000 to prevent cruelty to animals
• $2,000 to State Bar Association Political Action Committee
• $12,000 to cancer research foundation
• Donated clothing to Salvation Army.(Robert purchased the items for $1,000,but the fair market value of the same items at a thrift store is equal to $50.)
How much can Robert and Becky deduct as charitable contributions for the year 2014?

• A)$29,050.
• B)$25,000.
• C)$24,000.
• D)$22,050.

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Definitions:

Inflation Adjusted Dollars

A monetary measurement adjusted for changes in the price level over time, reflecting the real value of currency.

Learning Curve

A learning curve illustrates the rate of improvement in performing a task or the increase in efficiency achieved by repetition of a process or activity.

Cumulative Number

A total that increases over time by adding successive amounts or quantities, often used in data collection and analysis.

Labor Per Unit

Refers to the amount of labor required to produce a single unit of a product, indicating efficiency and productivity levels.