Ray Ray made the following contributions in 2021. Charity Property Cost FMV $ 5,200 $ 5,200 Athens Academy School United Way Cash Cash Antique painting Coca-Cola stock 5,250 15,150 16,300 5,250 75,750 24,450 American Heart Association First Methodist Church Determine the maximum amount of charitable deduction for each of these contributions ignoring the AGI ceiling on charitable contributions and assuming that the American Heart Association plans to sell the antique painting to fund its operations. Ray Ray has owned the painting and Coca-Cola stock since 1990. Maximum Amount Cash contributions Property donations

Income Tax Fundamentals 2020
38th Edition
ISBN:9780357391129
Author:WHITTENBURG
Publisher:WHITTENBURG
Chapter5: Deductions For And From Agi
Section: Chapter Questions
Problem 27MCQ
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Ray Ray made the following contributions in 2021.
Charity
Property
Cost
FMV
$ 5,200
5,250
15,150
16,300
$ 5,200
5,250
75,750
24,450
Athens Academy School
United Way
Cash
Cash
American Heart Association
Antique painting
First Methodist Church
Coca-Cola stock
Determine the maximum amount of charitable deduction for each of these contributions ignoring the AGI ceiling on charitable
contributions and assuming that the American Heart Association plans to sell the antique painting to fund its operations. Ray Ray has
owned the painting and Coca-Cola stock since 1990.
Maximum Amount
Cash contributions
Property donations
Transcribed Image Text:Ray Ray made the following contributions in 2021. Charity Property Cost FMV $ 5,200 5,250 15,150 16,300 $ 5,200 5,250 75,750 24,450 Athens Academy School United Way Cash Cash American Heart Association Antique painting First Methodist Church Coca-Cola stock Determine the maximum amount of charitable deduction for each of these contributions ignoring the AGI ceiling on charitable contributions and assuming that the American Heart Association plans to sell the antique painting to fund its operations. Ray Ray has owned the painting and Coca-Cola stock since 1990. Maximum Amount Cash contributions Property donations
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