Owen is considering giving a large charitable contribution to an organization in the current year. Owen's adjusted gross income for the year will be $150,000. He wants to contribute $80,000 in either cash or property. If he contributes cash to a public charity, he can deduct $ this year. If he contributes capital gain property that is worth $80,000 48000 to a public charity, he can deduct $24000 Or, if he contributes the publicly ☑ traded stock to a private nonoperating foundation, he can deduct $16000 this year. Correct Answer

Ms. Prince wants to create a scholarship in honor of her parents at the law school from which she received her degree. She could endow the scholarship with $500,000 cash or with $500,000 worth of marketable securities with a cost basis of $318,000. Assume the taxable year is 2023. Required: If her AGI is $3.8 million, compute the after-tax cost of the two endowment options. Use Individual Tax Rate Schedules and Tax rates for capital gains and qualified dividends. Note: Enter your answers in dollars not in millions of dollars. After-tax cost Cash Securities

Right before his death from a terminal illness, Shing makes a gift of $705,000 cash to his churcha gift that he had planned to bequeath to the church anyway. Presuming Shing had a marginal Federal income tax rate of 35% and his Federal estate tax bracket is 40%, what is the tax effect of his lifetime transfer. Ignore the 20 % / 30 % /50 % / 60% contribution limitations. If an amount is zero, enter "0". f gifted during his lifetime, Shing will save $ in income taxes. If made as a bequest from his estate, the estate will save$ in estate taxes.

Mario had AGI of $90,000 and will itemize for 2021. He had significant damage to an antique plane as a result of a hurricane in 2021. The hurricane was a federally declared disaster. • The plane had a value of $240,000 before the hurricane. The value of the plane after the hurricane was estimated to be $125,000. • He estimates that his insurance will cover $75,000 of the repairs. • He wants to amend his 2020 return for the loss. His 2020 AGI was $80,000. • In 2022, he received $68,000 of proceeds from the insurance His 2022 AGI was $65,000. What is his casualty loss deduction for 2020, 2021, and 20227 (530,900) for 2020; s0 for 2021; (5400) for 2022 s0 for 2020; ($31,900) for 2021: (S500) for 2022 s0 for 2020: ($30,900) for 2021: (S500) for 2022 O (531,900) for 2020; $0 for 2021: (5500) for 2022