Ask Question
12 September, 23:26

Mr. Able wants to set up a tax-deductible fund to be used to support young talented individuals to enhance their abilities. What would you recommend Mr. Able do?

+3
Answers (1)
  1. 13 September, 00:25
    0
    Mr. Able have to open a Private Foundation to set up a Tax-deductible fund.

    Explanation:

    They will exclude donations up to 30 per cent to 60 per cent of our income, based on the charity's existence and tax-exempt status. You will state your expenses to assert a charitable deduction on your tax return. Private foundation contributions are tax deductible up to 30 percent of the adjusted gross benefit for assets and up to 20 percent of the income for assessed shares, with a five-year hold forward.

    therefore Mr Able must donate his funds
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Mr. Able wants to set up a tax-deductible fund to be used to support young talented individuals to enhance their abilities. What would you ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers