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Federal Income Tax MCQs

Which of the following is a tax deductible contribution by the donor? Assume all recipients are qualified charities.

Nancy donated $100 to the local fire department. In exchange, she received a coupon book for 10 car washes at the Bubbles car wash. Bubbles normally sell the same coupon books for $150.

Harry owns several rental properties. He lets the local youth group use a suite of offices free of charge. Bob gets $3,000 in rent per month for similar suite.

Bob is a carpenter who works three to four hours each week doing carpentry work at the local homeless shelter. He normally charges $40 per hour for his work.

Zachary made a large donation to a nearby university. In exchange he receives the right to purchase football tickets for the upcoming season.

Answer

Correct Answer: Zachary made a large donation to a nearby university. In exchange he receives the right to purchase football tickets for the upcoming season.

Explanation:

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