Suppose that deans objective with the donation to the museum was to finance expansion of the historical collection. What is deans charitable contribution deduction for the painting in this situation?
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- In addition to cash contributions to charity, Dean decided to donate shares of stock and a portrait painted during the earlier part of the last century. Dean purchased the stock and the portrait many years ago as investments. Dean reported the following recipients in 2022: Charity Property Cost FMV State University Cash $ 15,200 $ 15,200 Red Cross Cash 14,600 14,600 State History Museum Painting 5,020 82,800 City Medical Center Dell stock 30,000 19,000 a. Determine the maximum amount of charitable deduction for each of these contributions ignoring the AGI ceiling on charitable contributions. b. Assume that Dean's AGI this year is $160,000. Determine Dean's itemized deduction for his charitable contributions this year and any carryover. c. Suppose Dean is a dealer in antique paintings and had held the painting for sale before the contribution. What is Dean's charitable contribution deduction for the painting in this situation (ignoring AGI limitations)? d. Suppose that…In addition to cash contributions to charity, Dean decided to donate shares of stock and a portrait painted during the earlier part of the last century. Dean purchased the stock and the portrait many years ago as investments. Dean reported the following recipients in 2021: Charity Property Cost FMV State University Cash $ 16,400 $ 16,400 Red Cross Cash 15,200 15,200 State History Museum Antique painting 5,140 87,600 City Medical Center Dell stock 42,000 31,000 Problem 6-49 Part-a (Algo) answers needed for all parts a, b c, and d a. Determine the maximum amount of charitable deduction for each of these contributions ignoring the AGI ceiling on charitable contributions. b. Assume that Dean’s AGI this year is $220,000. Determine Dean’s itemized deduction for his charitable contributions this year and any carryover. c. Suppose Dean is a dealer in antique paintings and had held the painting for sale before the…! Required information [The following information applies to the questions displayed below.] In addition to cash contributions to charity, Dean decided to donate shares of stock and a portrait painted during the earlier part of the last century. Dean purchased the stock and the portrait many years ago as investments. Dean reported the following recipients in 2023: Charity Property State University Cash Red Cross Cash State History Museum Antique painting City Medical Center Dell stock Cost $ 20,000 17,000 5,500 78,000 FMV $ 20,000 17,000 102,000 67,000 b. Assume that Dean's AGI this year is $400,000. Determine Dean's itemized deduction for his charitable contributions this year and any carryover. Deduction Carryover
- Which of the following is a specific legacy? Choose the correct.a. The gift of all remaining estate property to a charity.b. The gift of $44,000 cash from a specified source.c. The gift of $44,000 cash.d. The gift of 1,000 shares of stock in IBM.Which of the following is a specific legacy? The gift of all remaining estate property to a charity. The gift of $44,000 cash from a specified source. The gift of $44,000 cash. The gift of 1,000 shares of stock in IBM.Required information Problem 6-51 (LO 6-2) (Static) [The following information applies to the questions displayed below] In addition to cash contributions to charity, Dean decided to donate shares of stock and a portrait painted during the earlier part of the last century. Dean purchased the stock and the portrait many years ago as investments. Dean reported the following recipients in 2023: Charity Property State University Cash Cost $ 15,000 FMV $ 15,000 Red Cross Cash State History Museum City Medical Center Antique painting Dell stock 14,500 5,000 28.000 14,500 82,000 17,000 Problem 6-51 Part-b (Static) b. Assume that Dean's AGI this year is $150,000. Determine Dean's itemized deduction for his charitable contributions this year and any carryover. Deduction Carryover
- 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 22,875Recording journal entries for nonprofits 6. Donor D advises a university that he has established an irrevocable charitable remainder trust, administered by his attorney, whereby his wife will receive income from the trust as long as she lives. At her death, the remaining trust assets will be distributed to the university as a permanent endowment. The university’s actuary estimates the fair value of the university’s beneficial interest to be $400,000 (answer question 6 - what should be the correct entry?)Use Worksheet 15.1. When Jackson Holmes died in 2018, he left an estate valued at $8,300,000. His trust directed distribution as follows: $22,000 to the local hospital, $160,000 to his alma mater, and the remainder to his three adult children. Death-related costs were $17,000 for funeral expenses, $45,000 paid to attorneys, $3,000 paid to accountants, and $35,000 paid to the trustee of his living trust. In addition, there were debts of $135,000. Use Worksheet 15.1 and Exhibit 15.5 and Exhibit 15.6 to calculate the federal estate tax due on Jackson's estate. Round your answer to nearest whole dollar. $
- ! Required information Question 6 [The following information applies to the questions displayed below.] In 2023, L'Jarius Sneed made the below donations to the below charities. L'Jarius purchased the football and stock as investments 10 years ago. Charity Georgia Gwinnett College Goodwill Industries Kansas City sports' museum Non-profit children's hospital Question 6b Deduction Carryover Cash Cash Property Autographed football Apple, Inc. stock Cost $ 17,400 15,700 5,240 52,000 FMV $ 17,400 15,700 91,600 41,000 b. Assume instead that L'Jarius' AGI is $270,000. Determine L'Jarius' itemized deduction for his charitable contributions this year and any carryover.In need help with preparing the following for journal entries, balance and statement sheets. I would like to know how close I'm to the right answers A donor made a $1,000,000 pledge, giving the foundation a legally enforceable 90-day note for the full amount. The same donor paid $500,000 of the amount pledged. The foundation purchased a building for $900,000, paying $90,000 in cash and giving a ten-year mortgage for the balance. The building has a 25-year useful life. The foundation charges a half-year’s depreciation for all assets in the year they are acquired. The foundation hired five employees. By year-end, these employees have earned $10,000 in salaries and wages for which they have not been paid. The foundation accounts for its activities in a single fund. Prepare journal entries to record the transactions, making the following alternative assumptions as to the fund’s measurement focus: Cash only Cash plus other current financial resources (cash plus short-term receivables…During tax year 2023, Patty donated cash and shares of stock to several qualified charitable organizations. Patty purchased the stock 5 years ago for investment purposes. Her accountant has supplied the following information related to the donations: Donee United Way Red Cross B-Town Animal Shelter Riley Children's Hospital Item Cash Cash Google Stock Cash (Red Cross) Microsoft Stock Cost $10,000 $10,000 $10,000 $10,000 $2,000 $8,000 Fair Market Value $7,000 $17,000 Determine the amount of charitable deduction allowed for each of the above contributions ignoring any AGI ceiling on charitable contributions. Cash (United Way) Google Stock (B-Town Animal Shelter) Microsoft Stock (Riley Children's Hospital)