Susan purchased a 2018 Toyota Camry on 3/1/2019 for $15,000. She sold it on 6/1/2021 for $15,000 after depreciating it by $500. She sold no other assets during the year. Susan recognizes $500 ordinary income.

Select one:
- True
- False

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Helen's records for the current year contain the following information:

- She donated IBM stock that she purchased 5 years ago for $3,000 when it had a FMV of $5,000 to the American Lung Association.
- She donated 20 hours of her time as a professional nurse to First Presbyterian Church. She bills her time to patients at $50 per hour.
- She also donated $7,500 cash to a qualified charitable organization.
- She paid her Home Owner's Association $1,000.

Patrick's adjusted gross income for the year is $100,000. What is the amount of his charitable contribution deduction?

a. $12,500
b. $11,500
c. $10,500
d. $13,500

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Shira is single and 48 years old. She contributed $10,000 to a traditional IRA plan. The balance of the account before the distribution was $20,000. She distributed $5,000 this year for a first-time home purchase. Shira's only income this year was from a salary of $20,000. Assume Shira is in the 22% tax bracket. Shira's tax on the distribution is $1,100 ($5,000 x 0.22), but there is no 10% penalty.

Select one:
- True
- False

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Kyle purchased a new Honda Accord on 9/1/2021. He paid $25,000 plus $3,000 sales tax. In 2021, he drove 3,000 miles for business and 4,000 miles for personal purposes. Kyle's depreciation deduction is the lower of the following two amounts:

i. \(\frac{3000}{7000} \times \$28,000 \times \frac{1}{5} \times \frac{1}{2}\)
ii. \(\frac{3000}{7000} \times \$10,200\)

Select one:
- True
- False

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Shiela purchased land for $100,000 on 5/1/2000. She gifted it to her daughter Marion on 10/1/2020 when the land had a FMV of $80,000. Marion sold it on 9/1/2021 for $70,000. Marion recognizes a STCL of $10,000.

Select one:
- True
- False

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Harris works for Richardson Corp for 6 years. Richardson has a defined benefit plan. Each employee earns 1.5% of their average salary for their highest 3 years of salary. Harris has a salary of $100,000 for each of the 6 years. Richardson uses a 5-year cliff-vesting schedule. Harris is entitled to a vested benefit of $9,000 which he will receive annually on retirement.

Select one:
- True
- False