During the current year, Madisonreports AGI of $195,000. As part of some estate planning, she donates $15,000 to her alma mater, Autumn University, and $70,000 to a private nonoperating foundation. (Assume the year is 2019.) Requirements a. What is the amount of Madison's charitable deduction for the current year? b. Assume the same facts in Part a except that she donates $25,000 to Autumn University.
During the current year, Madisonreports AGI of $195,000. As part of some estate planning, she donates $15,000 to her alma mater, Autumn University, and $70,000 to a private nonoperating foundation. (Assume the year is 2019.) Requirements a. What is the amount of Madison's charitable deduction for the current year? b. Assume the same facts in Part a except that she donates $25,000 to Autumn University.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
During the current year, Madisonreports AGI of $195,000. As part of some estate planning, she donates $15,000 to her alma mater, Autumn University, and $70,000 to a private nonoperating foundation. (Assume the year is
2019.)
Requirements
|
a.
|
What is the amount of
Madison's
charitable deduction for the current year? |
|
b.
|
Assume the same facts in Part a except that she donates
$25,000
to
Autumn University.
|
Requirement a. What is the amount of
Madison's
charitable deduction for the current year?|
Amount
|
|
|---|---|
|
Charitable contribution for the year
|
|
|
Charitable contribution carryover
|
|
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