5.In 2019, Susan makes the following donations to 50% qualified charitable organizations:BasisFair Market ValueInventory held for resale in Susan's business(a sole proprietorship)Stock in ABC, Inc. held as an investment (acquiredtwo years ago)$9,000$ 32,50025,00048,000Comic book collection held as an investment(acquired six years ago)2,50012,000The ABC stock and the inventory were given to Susan's church, and the comic book collectionwas given to the United Way.Assuming the limitation for charitable donations are 50%, 30%, or 20% and assuming thatSusan's 2019 adjusted gross income is $125,000, determine the amount of her gift and theamount of her tax deduction for 2019.

In 2019, Susan's 1. Inventory held for resale in Susan's business = $9000 Fair market value = $32500…

In 2019, Susan makes the following donations to 50% qualified charitable organizations: Basis Fair Market Value Inventory held for resale in Susan's business (a sole proprietorship) Stock in ABC, Inc. held as an investment (acquired two years ago) Comic book collection held as an investment $9,000 $ 32,500 25,000 48,000 (acquired six years ago) 2,500 12,000 The ABC stock and the inventory were given to Susan's church, and the comic book collection was given to the United Way. Assuming the limitation for charitable donations are 50%, 30%, or 20% and assuming that Susan's 2019 adjusted gross income is $125,000, determine the amount of her gift and the amount of her tax deduction for 2019. 5.

In 2019, Susan makes the following donations to 50% qualified charitable organizations: Basis Fair Market Value Inventory held for resale in Susan's business (a sole proprietorship) Stock in ABC, Inc. held as an investment (acquired two years ago) Comic book collection held as an investment $9,000 $ 32,500 25,000 48,000 (acquired six years ago) 2,500 12,000 The ABC stock and the inventory were given to Susan's church, and the comic book collection was given to the United Way. Assuming the limitation for charitable donations are 50%, 30%, or 20% and assuming that Susan's 2019 adjusted gross income is $125,000, determine the amount of her gift and the amount of her tax deduction for 2019. 5.

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter14: Property Transactions: Determination Of Gain Or Loss And Basis Considerations

Section: Chapter Questions

Problem 52P

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