Assignment 5 TWO PARTITEMIZED DEDUCTIONS PART A: CHARITABLE GIFTS You are doing pro...
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Accounting
Assignment 5 TWO PARTITEMIZED DEDUCTIONS
PART A: CHARITABLE GIFTS
You are doing pro bono consulting for the Community Foundation in your town. They have asked you to do a presentation to the public to explain the documentation required for charitable gifts.
Prepare a tabular presentation of the substantiation requirements for cash and property donations to a qualified charity, by dollar amount of the gift. (That is, what documentation will the donor require for the gift? You will find it depends on the type of gift and amount of the gift).
PART B: CASUALTY LOSS
In February 2021 Texas was hit with a polar vortex that caused many people to lose power and water service. When temperatures warmed many also had broken pipes that caused minor to extensive damage. Explain whether anyone who suffered a large loss not reimbursed by insurance (many homeowners policies have large deductibles) might get a tax benefit from a casualty loss. HINT: You will need to consider the definition of a casualty loss and you may also need to ask, did President Biden do anything that might affect my answer?
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