Problem 5-29 Contributions (LO 5.9) Jerry made the following contributions during 2022: His synagogue (by check) The Republican Party (by check) $4,500 400 The American Red Cross (by check) 1,000 His fraternal organization for tickets to a holiday 100 party 6,000 A baseball autographed by hall-of-fame baseball pitcher Sandy Koufax (basis $0) donated to a public charity In addition, Jerry donated used furniture to the Salvation Army that he purchased years ago for $10,000 with a fair market value of $2.000. Assume Jerry has adjusted gross income of $25,000, has the necessary written acknowledgments, and he itemizes his deductions. Complete the Gifts to Charity section of Schedule A below to show Jerry's deduction for 2022. Enter all amounts as positive numbers. Gifts to Charity 11 Gifts by cash or check. If you made any gift of $250 or more. see instructions... 11 5,500 ✔ Caution: If you made a 12 Other than by cash or check. If you made any gift of $250 or more, see instructions. You must attach Form 8283 if over $500..... gift and got a benefit for it. 13 Carryover from prior year... 12 13 2,000 x see instructions. 14 Add lines 11 through 13.. Feedback ▼ Check My Work 14 7,500 x To encourage individuals to be socially responsible, the Internal Revenue code allows a deduction for charitable contributions. To be deductible, the donation must be made to a qualified recipient as listed in the tax law. The donation must be made in cash or property; the value of free use of the taxpayer's property by the charitable organization does not qualify. If cash is donated, the deduction is equal to the amount of the cash. For donated property other than cash, the general rule is that the deduction is equal to the fair market value of the property at the time of the donation.
Problem 5-29 Contributions (LO 5.9) Jerry made the following contributions during 2022: His synagogue (by check) The Republican Party (by check) $4,500 400 The American Red Cross (by check) 1,000 His fraternal organization for tickets to a holiday 100 party 6,000 A baseball autographed by hall-of-fame baseball pitcher Sandy Koufax (basis $0) donated to a public charity In addition, Jerry donated used furniture to the Salvation Army that he purchased years ago for $10,000 with a fair market value of $2.000. Assume Jerry has adjusted gross income of $25,000, has the necessary written acknowledgments, and he itemizes his deductions. Complete the Gifts to Charity section of Schedule A below to show Jerry's deduction for 2022. Enter all amounts as positive numbers. Gifts to Charity 11 Gifts by cash or check. If you made any gift of $250 or more. see instructions... 11 5,500 ✔ Caution: If you made a 12 Other than by cash or check. If you made any gift of $250 or more, see instructions. You must attach Form 8283 if over $500..... gift and got a benefit for it. 13 Carryover from prior year... 12 13 2,000 x see instructions. 14 Add lines 11 through 13.. Feedback ▼ Check My Work 14 7,500 x To encourage individuals to be socially responsible, the Internal Revenue code allows a deduction for charitable contributions. To be deductible, the donation must be made to a qualified recipient as listed in the tax law. The donation must be made in cash or property; the value of free use of the taxpayer's property by the charitable organization does not qualify. If cash is donated, the deduction is equal to the amount of the cash. For donated property other than cash, the general rule is that the deduction is equal to the fair market value of the property at the time of the donation.
Chapter5: Deductions For And From Agi
Section: Chapter Questions
Problem 28P
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Transcribed Image Text:Problem 5-29
Contributions (LO 5.9)
Jerry made the following contributions during 2022:
His synagogue (by check)
The Republican Party (by check)
$4,500
400
The American Red Cross (by check)
1,000
His fraternal organization for tickets to a holiday
party
100
A baseball autographed by hall-of-fame baseball
pitcher Sandy Koufax (basis $0) donated to a public
charity
6,000
In addition, Jerry donated used furniture to the Salvation Army that he purchased years ago for $10,000 with a fair market value of $2,000. Assume Jerry has adjusted gross income of $25,000, has the necessary written acknowledgments, and he itemizes his deductions.
Complete the Gifts to Charity section of Schedule A below to show Jerry's deduction for 2022.
Enter all amounts as positive numbers.
Gifts to
11 Gifts by cash or check. If you made any gift of $250 or more,
Charity
see instructions....
11
5,500
Caution: If you
made a
12 Other than by cash or check. If you made any gift of $250 or
more, see instructions. You must attach Form 8283 if over
$500.....
12
2,000 x
gift and got a
benefit for it,
see instructions.
13 Carryover from prior year..
13
14 Add lines 11 through 13.
Feedback
▼ Check My Work
14
7,500 X
To encourage individuals to be socially responsible, the Internal Revenue code allows a deduction for charitable contributions. To be deductible, the donation must be made to a qualified recipient as listed in the tax law. The donation must be made in cash or property; the value of free use of the taxpayer's property by the
charitable organization does not qualify.
If cash is donated, the deduction is equal to the amount of the cash. For donated property other than cash, the general rule is that the deduction is equal to the fair market value of the property at the time of the donation.
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