Problem 17-19 (Algo) [LO 17-4)Diane Baumah, a professional artist with AGI in excess of $65.000, made the following donations. Assume the taxable year is 2021.Required:Determine to what extent each donation is deductible on her Schedule A. (Leave no cells blank - be sure to enter "0" whereverrequired.)Amounta $2,050 cash to the First Methodist Church of Chicagob. $52 cash to a homeless person.c. One of Diane's own oil paintings to the local chapter of Meals on Wheels, atax-exempt charity. The charity sold the painting for $4,000 at a silent auction.d. $10,200 cash to the Democratic political partye. Used household turniture to the Salvation Army Diane's original cost was$6,900, and the furniture was reasonably worth $1,220.

Answered: Diane Baumah, a professional artist…

Diane Baumah, a professional artist with AGI in excess of $65,000, made the following donations. Assume the taxable year is 2021.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

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Problem 17-19 (Algo) [LO 17-4)
Diane Baumah, a professional artist with AGI in excess of $65.000, made the following donations. Assume the taxable year is 2021.
Required:
Determine to what extent each donation is deductible on her Schedule A. (Leave no cells blank - be sure to enter "0" wherever
required.)
Amount
a $2,050 cash to the First Methodist Church of Chicago
b. $52 cash to a homeless person.
c. One of Diane's own oil paintings to the local chapter of Meals on Wheels, a
tax-exempt charity. The charity sold the painting for $4,000 at a silent auction.
d. $10,200 cash to the Democratic political party
e. Used household turniture to the Salvation Army Diane's original cost was
$6,900, and the furniture was reasonably worth $1,220.

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