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1) For the current year, Gina Hestopolis had adjusted gross income of $100,000. During the...

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Accounting

1) For the current year, Gina Hestopolis had adjusted gross income of $100,000. During the year, she contributed a total of $6,000 to her church evenly throughout the year and an additional $3,000 to qualified charities. She also contributed religious artwork with a fair market value of $60,000 and a basis of $20,000 to her church. The church intends to display the religious artwork in the church foyer. What is the amount of the charitable contribution carryforward beyond the current year for Gina Hestopolis?
Multiple Choice
$30,000.
$20,000.
$10,000.
$0.
2) During the year, Greta's mountain cabin was almost completely destroyed by a fire started in her kitchen. She had adjusted gross income of $110,000 in 2023, and related data with respect to the cabin follows:
Cost basis: $ 121,000
Value before casualty: $ 155,000
Value after casualty: $ 15,000
Greta was partially insured for the loss and, in 2023, she received a $100,000 insurance settlement. What is Greta's allowable casualty loss deduction for 2023?
Multiple Choice
$0.
$9,900.
$20,000.
$35,900.

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