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- 2. Curtis had AGI of $150,000 in 2022. He donated a painting to the American Heart Association, a qualified charitable organization. The fair market value of the painting is $65,000, and Curtis purchased it three years ago for $50,000. The charity indicated that it would sell the painting to generate cash to fund medical research. Determine the amount of charitable contribution deduction for 2022. a) $75,000. b) $50,000. c) $65,000. d) $45,000.In 2022, Ian and Isabella donated Stock A to a public charity. Stock A had a fair market value of $80,000, and Ian and Isabella purchased Stock A many years ago for $1,000. What is Ian and Isabella's 2022 charitable contribution deduction (after application of the limitation) if, in 2022, Ian and Isabella had gross income of $110,000 and adjusted gross income of $100,000? Enter your answer as a positive number.Gabby’s records contain the following information for 2020: 1. Donated stock having a fair market value of $3,600 to a qualified charitable organization. She acquired the stock five months previously at a cost of $2,400. 2. Paid $700 to a church so her daughter can attend summer camp. 3. Donated a stock having a fair market value of $ 2,000 to a qualified organization. She acquired the stock 10 years ago for $ 8,000. 4. Donated $ 50 to the Democratic National Political Party. 5. Drove 600 miles in her personal auto directly related to services she performed for her church. 6. Gabby spent 100 hours of volunteer time on # 4 above. She makes $ 25 per hour. How much is Gabby’s charitable contribution deduction? a. $ 11,652b. $ 10,534c. $ 10,484d. $ 4,484e. $ 4,450
- Helga had AGI of $135,000 in 2018. She donated corporate stock with a basis of $28,000 to a qualified charitable organization on April 3, 2018. a. What is the amount of Helga's deduction assuming that she purchased the stock on June 15, 2017, and the stock had a fair market value of $26,000 when she made the donation?Helga's deduction is $. b. Assuming that she purchased the stock on January 15, 2017, and the stock had a fair market value of $33,000 when she made the donation, Helga's deduction is $. c. Assuming that she purchased the stock on January 15, 2018, and the stock had a fair market value of $29,000 when she made the donation to the charity, Helga's deduction is $Herman purchased undeveloped land for $75,000 on July 10, 2014, and has held it as an investment since then. On May 9, 2020, when the land is worth $140,000, he donates it to a private nonoperating foundation. a. Herman's charitable contribution is $fill in the blank 1. b. Assume that Herman had donated the undeveloped land to a public charity. His charitable contribution would have been $fill in the blank 2.1. Madeoff donated stock (capital gain property) to a public charity. He purchased the stock three years ago for $100,000, and on the date of the gift, it had a fair market value of $200,000. In 2021, what is his maximum charitable contribution deduction for the year related to this stock if his AGI is $500,000? a. $100,000 b. $200,000 c. $150,000 d. $250,000 e. None of the choices are correct. 2. Madeoff donated stock (capital gain property) to a public charity. He purchased the stock three years ago for $100,400, and on the date of the gift, it had a fair market value of $200,800. What is his maximum charitable contribution deduction for the year related to this stock if his AGI is $502,000? a. $100,400 b. $200,800 c. $150,600 d. $251,000 e. None of the choices are correct.
- 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)Morrissey donated stock (a capital asset) to a public charity. He purchased the stock three years ago for $100,000. On the date of the gift, the stock had a fair market value of $200,000. What is Morrissey's maximum charitable contribution deduction for the year related to this stock if his AGI is $500,000? Select one: O A $250,000 OB. $150,000 OC. $100,000 OD. $200,0003. Caitlyn is considering making a large charitable deduction this year. Her filing status is MFJ and their AGI is $60,000. She is deciding between these options. o Donating cash to her local church of $40,000. o Donating painting to her church. FMV of the painting is 40,000 and her basis in the painting is $100. She purchased it three years ago. The church will sell the painting. o Donating painting to the community art museum. FMV of the painting is $40,000 and her basis in the painting is $100. She purchased it three years ago. The art museum will display the painting. Evaluate all three of the options. What is the charitable contribution amount for each item? Which item would you recommend Caitlyn contribute and why?
- LO.6, 8 Ramon had AGI of $180,000 in 2020. He is considering making a charitable contribution this year to the American Heart Association, a qualified charitable organization. Determine the current allowable charitable contribution deduction in each of the following independent situations, and indicate the treatment for any amount that is not deductible currently. Identify any planning ideas to minimize Ramon’s tax liability. A cash gift of $95,000. A gift of OakCo stock worth $95,000 on the contribution date. Ramon had acquired the stock as an investment two years ago at a cost of $84,000. A gift of a painting worth $95,000 that Ramon purchased three years ago for $60,000. The charity has indicated that it would sell the painting to generate cash to fund medical research. Ramon has decided to make a cash gift to the American Heart Association of $113,000. However, he is considering delaying his gift until next year when his AGI will increase to $300,000 and he will be in the 32%…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 22,875Mark 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: