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 Fair Market Value $10,000 $10,000 $10,000 $10,000 $2,000 $8,000 $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)

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 Fair Market Value $10,000 $10,000 $10,000 $10,000 $2,000 $8,000 $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)

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter17: Corporations: Introduction And Operating Rules

Section: Chapter Questions

Problem 39P

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On December 27, 2019, Roberta purchased four tickets to a charity ball sponsored by the city of San Diego for the benefit of underprivileged children. Each ticket cost 200 and had a fair market value of 35. On the same day as the purchase, Roberta gave the tickets to the minister of her church for personal use by his family. At the time of the gift of the tickets, Roberta pledged 4,000 to the building fund of her church. The pledge was satisfied by a check dated December 31, 2019, but not mailed until January 3, 2020. a. Presuming that Roberta is a cash basis and calendar year taxpayer, how much can she deduct as a charitable contribution for 2019? b. Would the amount of the deduction be any different if Roberta was an accrual basis taxpayer? Explain.
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