am.111. Byron owned stock in Blossom Corporation that he donated to a museum (a qualified charitable organization) on June8 this year. What is the amount of Byron's deduction assuming that he had purchased the stock for $10,500 5 years ago,and the stock had a fair market value of $13,800 when he made the donation?$10,500$13,800$3,300

To determine the amount of Byron's deduction for the donation of stock to a qualified charitable…

Answered: Byron owned stock in Blossom…

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter10: Deduct Ions And Losses: Certain Itemized Deduct Ions

Section: Chapter Questions

Problem 33P

See similar textbooks

Similar questions

Marcia, a shareholder in a corporation with stores in five states, donated stock with a basis of 10,000 to a qualified charitable organization in 2018. Although the stock of the corporation was not traded on a public stock exchange, many shares had been sold over the past several years. Based on the average selling price for the stock in 2018, Marcia deducted 95,000 on her 2018 tax return. Marcia received a notice from the IRS that the 95,000 deduction had been reduced to 10,000 because she had not obtained a qualified appraisal or attached a summary of her appraisal to her tax return. Marcia has asked you to advise her on this matter. Write a letter containing your conclusions to Ms. Marcia Meyer, 1311 Santos Court, San Bruno, CA 94066. Partial list of research aids: Reg. 1.170A13(c)(2).
1. Madeoff donated stock (capital gain property) to a public charity. He purchased the stock three years ago for $100,000, and on the date of the gift, it had a fair market value of $200,000. In 2021, what is his maximum charitable contribution deduction for the year related to this stock if his AGI is $500,000? a. $100,000 b. $200,000 c. $150,000 d. $250,000 e. None of the choices are correct. 2. Madeoff donated stock (capital gain property) to a public charity. He purchased the stock three years ago for $100,400, and on the date of the gift, it had a fair market value of $200,800. What is his maximum charitable contribution deduction for the year related to this stock if his AGI is $502,000? a. $100,400 b. $200,800 c. $150,600 d. $251,000 e. None of the choices are correct.
Allie gifted 100 shares of Fieri stock to Jim. Allie (the donor) had a basis in the stock of $55 per share and had held the stock for more than two years prior to the gift. At the time of the gift, the FMV of each share was $40. What are the tax consequences to Jim if he sells the stock two years after the date of the gift for $48 per share? $700 loss $800 gain $1,500 gain No gain or loss
Bob received 800 shares of Denver Corporation stock from his uncle as a gift on July 20, 2022, when the stock had a $196,000 fair market value (FMV). His uncle paid $100,000 for the stock on April 12, 2006. The taxable gift was $196,000, because his uncle made another gift to Bob for $40,000 in January and used the annual exclusion. The uncle paid a gift tax of $39,200. Without considering the transactions below, Bob's ÀGI is $30,000 in 2023. No other transactions involving capital assets occur during the year. Read the requirement a. He sells the stock on October 12, 2023, for $200,000. b. He sells the stock on October 12, 2023, for $118,000. He sells the stock on December 16, 2023, for $195,000. C. AGI prior to sale of stock 200000 118000 195000 + + + + www Gain (loss) on sale of stock 139200 AGI = 339200 = =
Owe
Donna donates stock in Chipper Corporation to the American Red Cross on September 10, 2023. She purchased the stock for $21,000 on December 28, 2022, and it had a fair market value of $30,000 when she made the donation. a. What is Donna's charitable contribution deduction? The stock is treated as ordinary income ✓ property and Donna's charitable contribution deduction is $ for tax purposes. b. Assume instead that the stock had a fair market value of $18,000 (rather than $30,000) when it was donated to the American Red Cross. What is Donna's charitable contribution deduction? c. What documentation should you request from Donna to confirm the amount of her charitable contribution deduction? Donna needs to have documentation that the stock was date. In addition, because the donation is over $250 acknowledgment from the charity. donated, the date and the value at that ✓, she must have a contemporaneous written
Braeden received 100 shares of Cranston Corporation stock from his uncle as a gift on July 20, 2020, when the stock had a $24,000 FMV. His uncle paid $18,000 for the stock on April 12, 2004. The taxable gift was $24,000, because his uncle made another gift to Braeden for $38,000 in January and used the annual exclusion. The uncle paid a gift tax of $3,600. Without considering the transactions below, Braeden's AGI is $70,000 in 2021. No other transactions involving capital assets occur during the year. Read the requirement. a. b. C. AGI prior to sale of stock + Gain (loss) on sale of stock = + + + Requirement || = AGI Analyze each transaction below, independent of the others, and determine Braeden's AGI in each case. (Do not round intermediary calculations. Only round the amounts you input in the cells to the nearest dollar. Use a minus sign or parentheses to enter a loss.) a. He sells the stock on October 12, 2021, for $30,500. b. He sells the stock on October 12, 2021, for $16,500. c.…
None
Stephen transferred $20,500 to an irrevocable trust for Graham. The trustee has the discretion to distribute income or corpus for Graham's benefit but is required to distribute all assets to Graham (or his estate) not later than Graham's 21st birthday. What is the amount, if any, of the taxable gift? Amount of taxable gift $ 5,500
Jaylen made a charitable contribution to his church in the current year. He donated common stock valued at $33,000 (acquired as an investment in 2006 for $13,000). Jaylen’s AGI in the current year is $75,000. What is his allowable charitable contribution deduction? How are any excess amounts treated?
n 2000, Ms. Ennis, a head of household, contributed $76,000 in exchange for 760 shares of Seta stock. Seta is a qualified small business. This year, Ms. Ennis sold all 760 shares for $124,000. Her only other investment income was an $7,700 long-term capital gain from the sale of land. Her taxable income before consideration of her two capital transactions is $549,000. Assume the taxable year is 2022. Use Individual tax rate schedules and Tax rates for capital gains and qualified dividends. Compute Ms. Ennis’s income tax and Medicare contribution tax for the year. How would the computation change if Ms. Ennis acquired the Seta stock in 2019 instead of 2000?

Recommended textbooks for you

SWFT Comprehensive Vol 2020

Accounting

ISBN:

9780357391723

Author:

Maloney

Publisher:

Cengage

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

Accounting

ISBN:

9780357110362

Author:

Murphy

Publisher:

CENGAGE L

SWFT Essntl Tax Individ/Bus Entities 2020

Accounting

ISBN:

9780357391266

Author:

Nellen

Publisher:

Cengage

SWFT Comprehensive Vol 2020

Accounting

ISBN:

9780357391723

Author:

Maloney

Publisher:

Cengage

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

Accounting

ISBN:

9780357110362

Author:

Murphy

Publisher:

CENGAGE L

SWFT Essntl Tax Individ/Bus Entities 2020

Accounting

ISBN:

9780357391266

Author:

Nellen

Publisher:

Cengage

Individual Income Taxes

Accounting

ISBN:

9780357109731

Author:

Hoffman

Publisher:

CENGAGE LEARNING - CONSIGNMENT

SWFT Individual Income Taxes

Accounting

ISBN:

9780357391365

Author:

YOUNG

Publisher:

Cengage

SWFT Comprehensive Volume 2019

Accounting

ISBN:

9780357233306

Author:

Maloney

Publisher:

Cengage

SEE MORE TEXTBOOKS