Munabhai Ray Ray made the following contributions in 2023.CharityAthens Academy SchoolUnited WayAmerican Heart AssociationFirst Methodist ChurchCashCashCash contributionsProperty donationsPropertyAntique paintingCoca-Cola stockMaximum AmountCost$ 5,2005,25015,15016,300FMV$ 5,2005,250Determine the maximum amount of charitable deduction for each of these contributions ignoring the AGIceiling on charitable contributions and assuming that the American Heart Association plans to sell theantique painting to fund its operations. Ray Ray has owned the painting and Coca-Cola stock since 1990.75,75024,450

Cash contribution = 5,200 + 5,250 = $10,450 (maximum)

Ray Ray made the following contributions in 2023. Property Charity Athens Academy School United Way American Heart Association First Methodist Church Cash Cash Cash contributions Property donations Antique painting Coca-Cola stock Cost $ 5,200 5,250 15,150 16,300 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 FMV $ 5,200 5,250 75,750 24,450

Ray Ray made the following contributions in 2023. Property Charity Athens Academy School United Way American Heart Association First Methodist Church Cash Cash Cash contributions Property donations Antique painting Coca-Cola stock Cost $ 5,200 5,250 15,150 16,300 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 FMV $ 5,200 5,250 75,750 24,450

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter3: Corporations: Introduction And Operating Rules

Section: Chapter Questions

Problem 12DQ

See similar textbooks

Similar questions

Ray Ray made the following contributions in 2023. Charity Athens Academy School United Way American Heart Association First Methodist Church Cash Cash Cash contributions Property donations Property Antique painting Coca-Cola stock Maximum Amount Cost $ 8,050 5,850 15,300 15,250 FMV $ 8,050 5,850 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. 76,500 22,875
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
Decide whether a person should itemize his deductions or take the standard deduction Deductible Expenditures 8800 home mortage interest 2700 contributions to charity 630 for state income Standard deduction is 11400
the following recipients: Charity State University Red Cross State History Museum City Medical Center Cash Cash Deduction Carryover Property Antique painting Dell stock Cost FMV $15,000 $15,000 14,500 82,000 17,000 14,500 5,000 28,000 b. Assume that Dean's AGI this year is $150,000. Determine Dean's itemized deduction for his charitable contributions this ye any carryover.
Ray Ray made the following contributions this year. Charity Property Athens Academy School United Way American Heart Association First Methodist Church Cost $ 8,050 5,850 Antique painting 15,300 Coca-Cola stock 15,250 Cash contributions Property donations Cash Cash 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. FMV $8,050 5,850 76,500 22,875 Maximum Amount
-Calvin’s AGI is $54,000. What is the charitable contribution deduction. What is the carryover?
Indicate whether each of the items listed below would be included (I) in or excluded (E) from gross income for the 2019 tax year. ______ a. Welfare payments ______ b. Commissions ______ c. Hobby income ______d. Scholarships for room and board ______ e. $ 300 set of golf clubs, an employee award for length of service ______ f. Severance pay ______ g. Ordinary dividend of $ 50 ______ h. Accident insurance proceeds received for personal bodily injury ______ i. Inheritances ______ j. Gifts ______ k. Tips and gratuities