Kristin has written acknowledgments for each of the following charitable contributions during the current year: Cash contributions to her church$1,400Contribution of used clothes and household items in good condition to Goodwill, valued at thrift shop prices (original cost, $1,200)$250Kristin's estimate of the value of her time donated to a local animal shelter$1,500Cash donated to homeless people asking for money for food$95What is Kristin's charitable contribution deduction for the current year?

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What is Kristin's charitable contribution deduction for the current year?

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter14: Choice Of Business Entity—operations And Distributions

Section: Chapter Questions

Problem 40P

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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.
What is the Schedule A deduction for charitable contributions? On May 14 of the current year, Paul contributed clothing to the Salvation Army. The original cost of the clothing was $740. He has substantiation valuing the donation at $360. In addition, he made the following cash contributions and received a statement from each of the following organizations acknowledging his contribution: Larkin College $800 United Way 152 First Methodist Church 790 Amos House (homeless shelter) 200 Local Chamber of Commerce 100 All of the above entities are nonprofit corporations and §501( c)(3) organizations except the Chamber of Commerce which is not a §501( c)(3) organization. Clothing to the Salvation Army Larkin College United Way First Methodist Church Amos House (homeless shelter) Local Chamber of Commerce Clothing to the Salvation Army Larkin College United Way First…
Calvin reviewed his canceled 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 $ 9,400 $ 66,000 State Museum Antique painting 7,200 4,320 A needy family Food and clothes 840 500 United Way Cash 52,000 52,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. (Leave no answer blank. Enter zero if applicable.) Calvin’s AGI is $320,000, but the painting is worth $142,000. what is the following: Charitable contribution deduction Carryover
Calvin reviewed his canceled 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 $ 9,400 $ 66,000 State Museum Antique painting 7,200 4,320 A needy family Food and clothes 840 500 United Way Cash 52,000 52,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. (Leave no answer blank. Enter zero if applicable.) Calvin’s AGI is $320,000, but the painting is worth $142,000. Q: How much is Charitable contribution deduction? How mush is Carryover?
In addition to cash contributions to charity, Dean decided to donate shares of stock and a portrait painted during the earlier part of the last century. Dean purchased the stock and the portrait many years ago as investments. Dean reported the following recipients in 2021: Charity Property Cost FMV State University Cash $ 16,400 $ 16,400 Red Cross Cash 15,200 15,200 State History Museum Antique painting 5,140 87,600 City Medical Center Dell stock 42,000 31,000 Problem 6-49 Part-a (Algo) answers needed for all parts a, b c, and d a. Determine the maximum amount of charitable deduction for each of these contributions ignoring the AGI ceiling on charitable contributions. b. Assume that Dean’s AGI this year is $220,000. Determine Dean’s itemized deduction for his charitable contributions this year and any carryover. c. Suppose Dean is a dealer in antique paintings and had held the painting for sale before the…
Larry recorded the following donations this year: $500 cash to a family in need $2,400 to a church $500 cash to a political campaign To the Salvation Army household Items that originally cost $1,200 but are worth $300. What is Larry's maximum allowable charitable contribution if his AGI is $60,000? Multiple Choice $2,900 $1,000 $2,700 $4,600 None of the choices are correct.
Calvin reviewed his canceled 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 $ 8,800 $ 60,000 State Museum Antique painting 6,900 4,140 A needy family Food and clothes 780 470 United Way Cash 46,000 46,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. (Leave no answer blank. Enter zero if applicable.) d. Calvin’s AGI is $290,000 and Hobbs is a private nonoperating foundation.
Ray Ray made the following contributions this year. Charity Property Athens Academy School United Way American Heart Association First Methodist Church Cost $ 8,050 5,850 Antique painting 15,300 Coca-Cola stock 15,250 Cash contributions Property donations Cash Cash Determine the maximum amount of charitable deduction for each of these contributions ignoring the AGI ceiling on charitable contributions and assuming that the American Heart Association plans to sell the antique painting to fund its operations. Ray Ray has owned the painting and Coca-Cola stock since 1990. FMV $8,050 5,850 76,500 22,875 Maximum Amount
In addition to cash contributions to charity, Dean decided to donate shares of stock and a portrait painted during the earlier part of the last century. Dean purchased the stock and the portrait many years ago as investments. Dean reported the following recipients in 2022: Charity Property Cost FMV State University Cash $ 15,200 $ 15,200 Red Cross Cash 14,600 14,600 State History Museum Painting 5,020 82,800 City Medical Center Dell stock 30,000 19,000 a. Determine the maximum amount of charitable deduction for each of these contributions ignoring the AGI ceiling on charitable contributions. b. Assume that Dean's AGI this year is $160,000. Determine Dean's itemized deduction for his charitable contributions this year and any carryover. c. Suppose Dean is a dealer in antique paintings and had held the painting for sale before the contribution. What is Dean's charitable contribution deduction for the painting in this situation (ignoring AGI limitations)? d. Suppose that…
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…
Mark's will contains the following dispositive provisions. $10,000 to the American Cancer Society. $5,000 to the Pastor of my church. $4,000 to my cousin Vinny who has extensive medical issues. $4,000 to Grave Robbers, a nonprofit cemetery association. $3,000 to the First Presbyterian Church in London, England. What is the amount of the charitable deduction available to Mark's estate? Group of answer choices $10,000. $13,000. $17,000. $21,000. $26,000.
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 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 gift and got a benefit for it, see instructions. 13 Carryover from prior year. 14 Add lines 11 through 13 12 Other than by cash or…

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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