7. Determine the amount of the donation deduction for each of the following situations: (Assume all organizations are qualified public charities)

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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7. Determine the amount of the donation deduction for each of the following situations: (Assume all organizations are
qualified public charities)
A. Personal furniture given to a local church. FMV $500 basis $2,000
B. A coin collection given to the YMCA. FMV $3,000 basis $1,000
C. Stock held or 5 years given to a local charity. FMV $5,000 basis $2,000
D. Stock held for 5 months given to a local charity. FMV $5,000, basis 2,000
E. An oil painting with a FMV $100,000 basis $40,000. The painting
is given to museum and the museum plans to display the painting.
F. Same as (E) above except the painting is given to the Heart Association to be
sold at the annual fundraising event.
Transcribed Image Text:7. Determine the amount of the donation deduction for each of the following situations: (Assume all organizations are qualified public charities) A. Personal furniture given to a local church. FMV $500 basis $2,000 B. A coin collection given to the YMCA. FMV $3,000 basis $1,000 C. Stock held or 5 years given to a local charity. FMV $5,000 basis $2,000 D. Stock held for 5 months given to a local charity. FMV $5,000, basis 2,000 E. An oil painting with a FMV $100,000 basis $40,000. The painting is given to museum and the museum plans to display the painting. F. Same as (E) above except the painting is given to the Heart Association to be sold at the annual fundraising event.
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