Ray Ray made the following contributions in 2021. Charity Property Cost FMV $ 5,000 $ 5,000 4,000 75,000 20,000 Athens Academy School United Way Cash Cash Antique painting Coca-Cola stock 4,000 15,000 12,000 American Heart Association First Methodist Church

Use Worksheet 15.1. When Jackson Holmes died in 2018, he left an estate valued at $8,300,000. His trust directed distribution as follows: $22,000 to the local hospital, $160,000 to his alma mater, and the remainder to his three adult children. Death-related costs were $17,000 for funeral expenses, $45,000 paid to attorneys, $3,000 paid to accountants, and $35,000 paid to the trustee of his living trust. In addition, there were debts of $135,000. Use Worksheet 15.1 and Exhibit 15.5 and Exhibit 15.6 to calculate the federal estate tax due on Jackson's estate. Round your answer to nearest whole dollar. $

Which of the following transfers made by your client will be excluded from the client's total gifts in the year made? A) Made a $20,000 contribution to the Shriner's Hospital, which provides free medical care to children     B) Paid a family member $15,000 so she could go to school     C) Made a $30,000 gift to the donor's spouse     D) Paid a hospital $11,000 for medical services rendered to a friend

Calvin reviewed his cancelled checks and receipts this year for charitable contributions, which included an antique painting and IBM stock. He has owned the IBM stock and the painting since 2005.   Donee Item Cost FMV Hobbs Medical Center IBM stock $ 8,200 $ 54,000 State Museum Antique painting   6,600   3,960 A needy family Food and clothes   720   430 United Way Cash   40,000   40,000     Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Calvin’s AGI is $129,000. Charitable contribution deduction? Carryover?

Accounting In 2021 Ron and Hermione made the following contributions to the following organizations. Category Charity Property Cost FMV             Goodwill Clothes and misc. household items (several years old) $25,700 $5,350   Hogwarts Museum Coin Collection $12,500 $30,900   Ron and Hermione’s best friends whose house burned down Cash $3,500 $3,500   Salvation Army Cash $15,700 $15,700   Toys for Tots New toys $6,500 $6,500   Henry Ford Hospital Rigor stock (held 3 years) $22,000 $10,000   Wayne State University Exxon Mobil Stock (held 5 years) $26,900 $69,500   High School Stock (held 6 months) 6,500 10,000   Wayne State University Cash 13,000 $13,000 Determine the contribution category for each of these contributions – assuming that the Hogwarts Museum plans to display the coin collection in the museum – and place in the column above. Determine Ron and Hermione’s maximum…

[The following information applies to the questions displayed below.] Calvin reviewed his canceled checks and receipts this year (2023) for charitable contributions, which included an antique painting and IBM stock. He has owned the IBM stock and the painting since 2005. Donee Hobbs Medical Center State Museum A needy family United Way Item Problem 6-50 Part-b (Static) IBM stock Antique painting Food and clothes Cash Cost $ 5,000 5,000 400 8,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Note: Leave no answer blank. Enter zero if applicable. FMV $ 22,000 3,000 250 8,000 b. Calvin's AGI is $100,000, but the State Museum told Calvin that it plans to sell the painting.

In need help with preparing the following for journal entries, balance and statement sheets. I would like to know how close I'm to the right answers  A donor made a $1,000,000 pledge, giving the foundation a legally enforceable 90-day note for the full amount. The same donor paid $500,000 of the amount pledged. The foundation purchased a building for $900,000, paying $90,000 in cash and giving a ten-year mortgage for the balance. The building has a 25-year useful life. The foundation charges a half-year’s depreciation for all assets in the year they are acquired. The foundation hired five employees. By year-end, these employees have earned $10,000 in salaries and wages for which they have not been paid. The foundation accounts for its activities in a single fund. Prepare journal entries to record the transactions, making the following alternative assumptions as to the fund’s measurement focus: Cash only Cash plus other current financial resources (cash plus short-term receivables…

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Aquamarine Corporation, a calendar year C corporation, makes the following donations to qualified charitable organizations during the current year: Painting: The amount of the contribution is Stock: The amount of the contribution is Groceries: The amount of the contribution is Adjusted Basis $6,000 $10,000 Painting held four years as an investment, to a church, which sold it immediately Apple stock held two years as an investment, to United Way, which sold it immediately Canned groceries held one month as inventory, to Catholic Meals for the Poor 15,750 35,000 7,800 13,000 Determine the amount of Aquamarine Corporation's charitable deduction for the current year. (Ignore the taxable income limitation.) Therefore, the total charitable contribution is $ Fair Market Value

A6) Finance Walton bought one full bitcoin in March 2020. His bases in the coin is $5838. In July 2021, he donated 0.25 of the coin to a qualified charitable organization. The fair market value of a full coin at the time of donation was $33,800. what is his deductible charitable contribution? a: $1,460 b: $5,838 c: $8,450 d: $33,800