Craig donated
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Craig donated to all the following nonprofit organizations in 2022. What is his allowable deduction for charitable gifts on Schedule A?
|
Organization |
Amount |
|
Catholic Church |
$100 |
|
Young Republicans of America |
$120 |
|
National FFA Organization |
$50 |
|
People for the Ethical Treatment of Animals (PETA) |
$50 |
|
American Cancer Society |
$100 |
|
Chamber of Commerce |
$100 |
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- Facts The Flower Family Trust is a discretionary trust created by Graeme Flower (the trustee) in 2012 for the benefit of his children and grandchildren. During the year ended 30 June 2021 the Flower Family Trust has net income of $75,000. The trustee exercises his discretion to allocate $40,000 of the net income to Paula Flower who is 35 years of age and lives in a nursing home after suffering brain damage from a car accident four years ago. The balance of net income is not allocated to any beneficiary. Question Advise Graeme Flower of any tax obligations he has as trustee in respect of the net income of the trust for the year ended 30 June 2021.Kristin has written acknowledgments for each of the following charitable contributions during the current year: 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 What is Kristin's charitable contribution deduction for the current year?Clarence Weatherspoon, a super salesman contemplating retirement on his fifty-fifth birthday, decides to create a fund on an 8% basis that will enable him to withdraw $20,000 per year on June 30, beginning in 2024 and continuing through 2027. To develop this fund, Clarence intends to make equal contributions on June 30 of each of the years 2020–2023. Instructions a. How much must the balance of the fund equal on June 30, 2023, in order for Clarence to satisfy his objective? b. What are each of Clarence’s contributions to the fund?
- Molly and Justin are considering contributing $5,000 to their favorite, tax deductible charity. This contribution will bring their total itemized deductions to $20,000. Assuming they are in the 28% marginal tax bracket, how much will they save in taxes by contributing this $5,000 to charity?BhikhoCalvin 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
- Use Worksheet 15.1. When Jackson Holmes died in 2018, he left an estate valued at $8,300,000. His trust directed distribution as follows: $22,000 to the local hospital, $160,000 to his alma mater, and the remainder to his three adult children. Death-related costs were $17,000 for funeral expenses, $45,000 paid to attorneys, $3,000 paid to accountants, and $35,000 paid to the trustee of his living trust. In addition, there were debts of $135,000. Use Worksheet 15.1 and Exhibit 15.5 and Exhibit 15.6 to calculate the federal estate tax due on Jackson's estate. Round your answer to nearest whole dollar. $In 2019, Al gave his son a Mercedes worth $115,000 and his daughter a Lexus worth $85,000. He also gave his wife Arlene a rare painting that he purchased for $135,000. Al paid gift tax of $25,000 on the gifts he gave in 2019. In 2020, Al gifted $100,000 to his son and $100,000 to his daughter. Arlene paid their daughter’s tuition of $24,000 directly to the university. Al and Arlene created a revocable trust with the children as remainder beneficiaries and funded it with $400,000. No other gifts were made during 2020. Al and Arlene elected to split the gifts on their 2019 and 2020 gift tax returns. What is the amount of taxable gifts made by Al and Arlene, respectively, in 2020? Al Arlene $72,500 $70,000 Al Arlene $450,000 $250,000 Al Arlene $185,000 $24,000 Al Arlene $70,000 $70,000Which of the following transfers made by your client will be excluded from the client's total gifts in the year made? A) Made a $20,000 contribution to the Shriner's Hospital, which provides free medical care to children B) Paid a family member $15,000 so she could go to school C) Made a $30,000 gift to the donor's spouse D) Paid a hospital $11,000 for medical services rendered to a friend
- Calvin reviewed his cancelled 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 $ 8,200 $ 54,000 State Museum Antique painting 6,600 3,960 A needy family Food and clothes 720 430 United Way Cash 40,000 40,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Calvin’s AGI is $129,000. Charitable contribution deduction? Carryover?-Calvin’s AGI is $110,000. What is his charitable contribution deductions. What is the carryover?S Calvin reviewed his canceled checks and receipts this year (2023) for charitable contributions, which included an antique painting and IBM stock. He has owned the IBM stock and the painting since 2005. Donee Item Hobbs Medical Center IBM stock State Museum Antique painting Book A needy family United Way Food and clothes Cash Cost $ 8,400 6,700 740 42,000 FMV $ 56,000 4,020 440 42,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Note: Leave no answer blank. Enter zero if applicable. c. Calvin's AGI is $134,000. Charitable contribution deduction Carryover
