During the current year, Madison reports 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 $ Requirement b. Assume the same facts in Part a except that she donates $25,000 to Autumn University. Amount Charitable contribution for the year Charitable contribution carryover
During the current year, Madison reports 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
$
Requirement b. Assume the same facts in Part a except that she donates $25,000 to Autumn University.
Amount
Charitable contribution for the year
Charitable contribution carryover
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