Vellness Corporation
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- Celebes, Inc. owns a residential property it acquired for 2,000,00O. It transferred ownership thereto to its managerial employee for 1,200,000 when its fair value was 3,000,000. What is the monetary value of the benefit? 3,000,000 O 2,000,000 O 1,800,000 800,000Ray Ray made the following contributions in 2021. Charity Property Cost FMV $ 5,000 Athens Academy School United Way $ 5,000 4,000 15,000 Cash Cash 4,000 75,000 20,000 American Heart Association Antique painting First Methodist Church Coca-Cola stock 12,000 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 donationsRay 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
- Corporation Compute the amount of charitable contribution deduction for the current year for the following taxpayers. Ignore any percentage limitations. a. Pritizo Corporation owns inventory with a basis of $30,000 and a fair market value of $24,000. A charitable contribution of the Inventory results in a deduction of $S b. During the current year, Lasso Corporation donates a capital asset to Midlands College. Lasso acquired the asset three years ago for $18,000, and the fair market value on the date of the contribution is $32,000. The corporation's charitable contribution deduction is c. Nate Corporation donates a sculpture worth $130,000 to a local museum (a qualified organization), which exhibits the sculpture. Nate had acquired the sculpture in 2005 for $55,000. Nate is allowed to deduct $ Previous Subm Emtal thsfreuctarOn October 1, Kingbird Corporation donated a parcel of land which had a fair market value of 9,000. King had purchased the land 5-years ago for 6,500. During the current year, Kingbird Corporation had the following income and expense items: Required: Determine Kingbird’s charitable contribution deduction for the current yearRay 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
- Mark Moody has adjusted gross income of $52500 this year. During the year, he gave his church $4000 cash and land having a fair market value of $30800 and a basis of $23100. The land was held long-term. A contribution of $9200 in cash was also made to a private charity. How much is the charitable contributions carryover if Mark does not elect to reduce the fair market value by the appreciation in value of the land donated? [For your answer, please use whole number (no need to round) and ignore the dollar sign and the comma.] Answer:Maple Corp. owns several pieces of highly valued paintings that are on display in the corporation's headquarters. This year, it donated one of the paintings valued at $100,000 (adjusted basis of $25,000) to a local museum for the museum to display. a. What is the amount of Maple Corp.'s charitable contribution deduction for the painting (assuming income limitations do not apply)? Charitable contribution deduction1. In year 6, Garland Corp. contributed $40,000 to a qualified Becker charitable organization. Garland's year 6 taxable income before the deduction for charitable contributions was $410,000. Included in that amount is a $20,000 dividends received deduction. Garland also had carryover contributions of $5,000 from the prior year. In year 6, what amount can Garland deduct as charitable contributions? a. $40,000 b. $41,000 c. $43,000 d. $45,000
- Red transferred $4,925,000 of cash to State University for a new sports complex. Required: Calculate the amount of the taxable gift. (Leave no answer blank. Enter zero if applicable.) Amount of taxable giftThe Pooch Corporation is a regular corporation that contributes $15,000 cash to qualified charitable organizationsduring the current year. The corporation has net taxable income of $160,000 before deducting the contributions.a. What is the amount of Pooch Corporation's allowable deduction for charitable contributions forthe current year?b. What may the corporation do with any excess amount of contributions?Elmore Eisner made the following contributions during the current tax year: Cash to United Way $5,000 Land to Boy Scouts to be used as a summer camp: Cost 20,000 Fair market value 30,000 Painting to a 20 percent charity for permanent display in foundation’s public gallery: Cost 5,000 Fair market value 7,000 Cash to individual needy families around town 3,000 Assuming Elmore’s adjusted gross income is $80,000, what is his charitable contribution deduction for the year and carryover? What is the charitable contribution and carryover if the cost and fair market value of the painting are $25,000 and $27,000, respectively?