True or False QuestionTrue or false: Only cash contributions to qualified charitable organizations are deductible.True false question.TrueFalse

True or False QuestionTrue or false: If you itemize your deductions, you can deduct contributions made to charities and amounts paid for real estate taxes.True false question.TrueFalse

True or False QuestionTrue or false: Income tax is calculated on income minus deductions and exemptions.True false question.TrueFalse

Which of the following is not recognized as charitable?Select one:a.Advancement of religionb.Relief povertyc.Promotion of healthd.none of the choices

The following are the requisites for the charitable and other contributions to be deductible, exceptSelect one:a.Must be either for public or private purposeb.The net income of the institution must not inure to the benefit of any individual or private stockholderc.The taxpayer giving charitable donations must be engaged in business, trade or exercise of professiond.There must be an actual contributions made

Which of the following statements is true?Multiple ChoiceDistributions to owners are tax deductible.Bonds do not have to be repaid.Interest on bonds is not tax deductible.Interest on bonds is tax deductible.Bonds always increase return on equity.