Young-Eagle files her 2018 Form 1040 on July 1, 2019 . The Federal tax statute of limitations for this return expires on:
a. April 15, 2022
b. July 1, 2022.
c. July 1, 2026.
d. The statute never expires for a late-filed return.
b
RATIONALE: The statute expires on the later of the unextended due date or the filing date.
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Ruth Lewis has adjusted gross income of $100,000 for 2017 and itemizes her deductions. On September 1, 2017, she made a contribution to a private nonoperating foundation (not a 50% charity) of stock held for investment for 2 years that cost $25,000 and had a fair market value of $70,000. The foundation sold the stock for $70,000 on the same date. Assume that Lewis made no other contributions during 2017. How much should Lewis claim as a charitable contribution deduction for 2017?
a. $50,000 b. $30,000 c. $25,000 d. $20,000
Which United States sporting goods manufacturer signed with great teams such as the Brazilian national football team, Manchester United, Juventus, and F.C. Barcelona in an attempt to expand their market presence in football?
A. Nike B. Reebok C. New Balance D. Adidas