In 2011, Charlie filed his 2010 state income tax return and paid taxes of $800. Also in 2011,Charlie's employer withheld state income tax of $750 from Charlie's salary. In 2012, Charliefiled his 2011 state income tax return and paid an additional $600 of state income tax. Howmuch state income tax can Charlie deduct on his 2011 federal income tax return for stateincome tax

In 2011, Charlie filed his 2010 state income tax return and paid taxes of $800. Also in 2011,Charlie's employer withheld state income tax of $750 from Charlie's salary. In 2012, Charlie filed his 2011 state income tax return and paid an additional $600 of state income tax. Howmuch state income tax can Charlie deduct on his 2011 federal income tax return for state income tax?
Answer: $1,550

Accounting for Governmental & Nonprofit Entities 16e Test Bank & Solutions Manual

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Distinguish between program services expenses and supporting services expenses. Why is it important that NFPs report expenses for program services separately from those for supporting services?

Distinguish between program services expenses and supporting services expenses. Why is it important that NFPs report expenses for program services separately from those for supporting services?


IRC Sec. 527 includes such organizations as political action committees, political parties and political campaigns. In fact, Sec. 527 organizations are considered tax-exempt under the IRC. Campaign finance laws typically have an impact on Sec. 527 organizations. As a result of such laws, organizations that meet the definition of a political organization are required to notify the IRS that they wish to be considered a Sec. 527 tax-exempt organization. Additionally, Sec. 527 NFPs must periodically complete Form 8872, notifying the IRS of the names and addresses of persons contributing more than $200 to the NFP, and those persons receiving more than $500 from the NFP.

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The Federal bankruptcy act contains several important terms.

The Federal bankruptcy act contains several important terms. One such term is "insider". The term is used in connection with preferences and preferential transfers. Which amoung the following in not an "insider".

Answer: A secured creditor having a security interest in at least 25% or more of the debtor's property.

Explanation: A secured creditor is not an "insider" for the purposes of a preferential transfer.
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One of the elements necessary to establish that a preferential transfer has been made under the Bankruptcy Code by the debtor to a creditor is that the..

One of the elements necessary to establish that a preferential transfer has been made under the Bankruptcy Code by the debtor to a creditor is that the..

Answer: Debtor was insolvent at the time of the transfer.

 Explanation: Under the Bankruptcy Act, one of the elements which must be established in proving that a preferential transfer was made is that the debtor was insolvent at the time of the transfer. The Bankruptcy Act presumes that the debtor is insolvent during 90 days prior to the date the petition was filed.

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