Sarah donated an Anne Klein coat to a local Goodwill. She paid $350 for the coat two years ago. Similar coats are selling at Goodwill for $75. What is Sarah’s charitable deduction?
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- Amanda graduated summa cum laude in marketing from State University. As an honor student, she was a member of Beta Gamma Sigma, an honorary business fraternity. She has agreed to donate $250,000 to State University if it uses the proceeds to build a fraternity house for Beta Gamma Sigma. In addition, she has agreed to donate the money only if it is deductible as a charitable contribution. Determine whether Amanda’s donation qualifies as a charitable contribution.Barbara donates a painting that she purchased three years ago for $8,000, to a university for display in the president's office. The fair market value of the painting on the date of the gift is $14,000. If Barbara had sold the painting, the difference between the sales price and her cost would have been a long-term capital gain. How much is Barbara's charitable contribution deduction for this donation? $_____ is deductible because the painting _______(was/was not) put to a use directly related to the organization's primary purpose.Kristin has written acknowledgments for each of the following charitable contributions during the current year: Cash contributions to her church $1,400 Contribution of used clothes and household items in good condition to Goodwill, valued at thrift shop prices (original cost, $1,200) $250 Kristin's estimate of the value of her time donated to a local animal shelter $1,500 Cash donated to homeless people asking for money for food $95 What is Kristin's charitable contribution deduction for the current year?
- Fiona makes a contribution to the NRA every year. She also contributes to the Arizona Humane Society. Are either or both of these donations deductible?On December 27, 2019, Roberta purchased four tickets to a charity ball sponsoredby 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 thepurchase, Roberta gave the tickets to the minister of her church for personal use byhis family. At the time of the gift of the tickets, Roberta pledged $4,000 to the buildingfund 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 muchcan she deduct as a charitable contribution for 2019?b. Would the amount of the deduction be any different if Roberta was an accrualbasis taxpayer? Explain.Diane contributed a parcel of land to the United Way. In addition, she contributed bibles and songbooks from her proprietorship's book store inventory to First Church, a qualified charitable organization. Should Diane's charitable contribution deduction for these contributions be determined by the basis or fair market value of the contributed items?
- 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.On December 27, 2021, 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, 2021, but not mailed until January 3, 2022. If an amount is zero, enter "0". a. Presuming Roberta is a cash basis and calendar year taxpayer, she can deduct $ for the tickets and $ for the pledge as a charitable contribution for 2021. b. Would the amount of the deduction be any different if Roberta were an accrual basis taxpayer? If Roberta is an accrual basis and calendar year taxpayer, she can deduct $ for the tickets and for the pledge as a charitable contribution for 2021.Michael donates $1,495 to ASU in the Football Fund. In exchange, Michael received the right to purchase football tickets. Michael's charitable deduction is how much?
- Gwendolyn donates $500 cash to the American Red Cross in 2020. If Gwendolyn has AGI of $46,000 in 2020 but does not itemize deductions, how much can she deduct for her charitable contribution in 2020?Monique, 61, created a custodial account and transferred $15,000 to the account for the benefit of her great-great grandchild, Tony, and named Tony's father, Luis, as the custodian. It is Monique's desire that the money be used for Tony's college education. Monique's last will and testament bequests all of her property to Luis for his lifetime, with the remainder to Tony. Monique's estate is currently valued at $2,300,000, but she expects to increase her estate through real estate investments over the next 10 years. Monique has previously used $1,000,000 of her generation-skipping transfer tax (GSTT) exemption on an indirect skip person. Which one of the following statements is CORRECT regarding the GSTT? A)The transfer of the $15,000 into the custodial account is statutorily exempt from GSTT since it is to be used for the payment of tuition expenses. B)The transfer pursuant to the last will and testament qualifies for the deceased parent skip rule. C)The transfer of the…Madeline made a cash gift of $30,000 to the American Cancer Society, a qualified public charity. Madeline itemizes her deductions and has an adjusted gross income of $48,000. What is the maximum income tax deduction allowable to Madeline in the current year for her charitable contribution? A) $28,800 B) $9,000 C) $30,000 D) $14,400
