Diane Baumah, a professional artist with AGI in excess of $65,000, made the following donations. Assume the taxable year is 2021.
Diane Baumah, a professional artist with AGI in excess of $65,000, made the following donations. Assume the taxable year is 2021.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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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