Taxpayer and spouse contribute money to various organizations each year and file a joint return. Their adjusted gross income for 2022 is $100,000. They contributed to the following organizations in 2022: $3,500 cash donation to the World Wildlife Foundation $10,000 cash donation to the Salvation Army $2,000 cash contribution to a local city council candidate $11,000 cash donation to a breast cancer research hospital Donated clothing to Goodwill. (The clothing was purchased for $375, but the thrift shop value of the same items at a local second-hand store is equal to $60.) How much can they deduct as charitable contributions for the year 2022?
Taxpayer and spouse contribute money to various organizations each year and file a joint return. Their adjusted gross income for 2022 is $100,000. They contributed to the following organizations in 2022: $3,500 cash donation to the World Wildlife Foundation $10,000 cash donation to the Salvation Army $2,000 cash contribution to a local city council candidate $11,000 cash donation to a breast cancer research hospital Donated clothing to Goodwill. (The clothing was purchased for $375, but the thrift shop value of the same items at a local second-hand store is equal to $60.) How much can they deduct as charitable contributions for the year 2022?
Chapter17: Corporations: Introduction And Operating Rules
Section: Chapter Questions
Problem 8DQ
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Question
Taxpayer and spouse contribute money to various organizations each year and file a joint return. Their adjusted gross income for 2022 is $100,000. They contributed to the following organizations in 2022:
- $3,500 cash donation to the World Wildlife Foundation
- $10,000 cash donation to the Salvation Army
- $2,000 cash contribution to a local city council candidate
- $11,000 cash donation to a breast cancer research hospital
- Donated clothing to
Goodwill . (The clothing was purchased for $375, but the thrift shop value of the same items at a local second-hand store is equal to $60.)
How much can they deduct as charitable contributions for the year 2022?
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ISBN:
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Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT