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 deductible charitable contribution (for each category) (and any carryover) assuming their AGI is $220,000. Category Amount Cash 50% 30% Carryover Show Work for any potential partial credit
Accounting
In 2021 Ron and Hermione made the following contributions to the following organizations.
|
Category |
Charity |
Property |
Cost |
FMV |
|
|
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 deductible charitable contribution (for each category) (and any carryover) assuming their AGI is $220,000.
|
Category |
Amount |
|
Cash |
|
|
50% |
|
|
30% |
|
|
Carryover |
Show Work for any potential partial credit
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