PRINCIPLES OF TAXATION F/BUS.+INVEST.
22nd Edition
ISBN: 9781259917097
Author: Jones
Publisher: MCG
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Chapter 17, Problem 2TPC
To determine
Determine the type of tax planning objective that is accomplished by Person I while structuring the donation.
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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.
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.
Shuan is a huge college football fan. In the past, he has always bought football tickets on the street from ticket scalpers. This year he decided to join the university’s ticket program, which require a $2,000 contribution to the university for the “right” to purchase tickets. Shaun will then pay $400 per season ticket. He understands that the price paid for the season tickets is not tax deductible as a charitable contribution. However, contribution to a university is typically tax deductible.
use an available tax service to determine how much, if any, of Shaun’s $2,000 contribution for the right to purchase ticket is tax deductible.
Write a memo communicating the results of your research.
Chapter 17 Solutions
PRINCIPLES OF TAXATION F/BUS.+INVEST.
Ch. 17 - Prob. 1QPDCh. 17 - Discuss the tax policy reasons why gifts and...Ch. 17 - In what way does the tax law give preferential...Ch. 17 - Prob. 4QPDCh. 17 - A basic principle of federal tax law is that a...Ch. 17 - Prob. 6QPDCh. 17 - If an individual purchases property insurance on...Ch. 17 - Prob. 8QPDCh. 17 - Prob. 9QPDCh. 17 - Prob. 10QPD
Ch. 17 - Prob. 11QPDCh. 17 - Prob. 12QPDCh. 17 - Prob. 1APCh. 17 - Prob. 2APCh. 17 - Prob. 3APCh. 17 - Prob. 4APCh. 17 - Prob. 5APCh. 17 - Prob. 6APCh. 17 - Prob. 7APCh. 17 - Prob. 8APCh. 17 - Prob. 9APCh. 17 - Prob. 10APCh. 17 - Prob. 11APCh. 17 - Prob. 12APCh. 17 - Prob. 13APCh. 17 - Prob. 14APCh. 17 - Prob. 15APCh. 17 - Prob. 16APCh. 17 - Prob. 17APCh. 17 - Prob. 18APCh. 17 - Prob. 19APCh. 17 - Prob. 20APCh. 17 - Prob. 21APCh. 17 - Prob. 22APCh. 17 - Prob. 23APCh. 17 - Prob. 24APCh. 17 - Prob. 25APCh. 17 - Prob. 26APCh. 17 - Prob. 27APCh. 17 - Prob. 28APCh. 17 - Prob. 29APCh. 17 - Prob. 30APCh. 17 - Prob. 31APCh. 17 - Prob. 32APCh. 17 - Prob. 33APCh. 17 - Prob. 1IRPCh. 17 - Prob. 2IRPCh. 17 - Prob. 3IRPCh. 17 - Prob. 4IRPCh. 17 - Prob. 5IRPCh. 17 - Prob. 6IRPCh. 17 - Prob. 7IRPCh. 17 - Mrs. Newton, who is a self-employed author, paid...Ch. 17 - Prob. 9IRPCh. 17 - Prob. 10IRPCh. 17 - Prob. 11IRPCh. 17 - Prob. 12IRPCh. 17 - Prob. 13IRPCh. 17 - Prob. 14IRPCh. 17 - Prob. 15IRPCh. 17 - Prob. 16IRPCh. 17 - Prob. 1RPCh. 17 - Prob. 2RPCh. 17 - Prob. 3RPCh. 17 - Prob. 4RPCh. 17 - Prob. 5RPCh. 17 - Prob. 1TPCCh. 17 - Prob. 2TPCCh. 17 - Prob. 3TPCCh. 17 - Prob. 1CPCh. 17 - Prob. 2CPCh. 17 - Prob. 3CP
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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.arrow_forwardSherry donates $5,000 to the university in exchange for the right to purchase tickets for the upcoming football season. How should she treat the contributon.arrow_forwardBarbara 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.arrow_forward
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