Jimet, an unmarried taxpayer, qualified toitemize deductions. Jimet's adjusted grossincome was $30,000 and he made a $2,000 cash donation directly to a needyfamily. During the year, Jimet alsodonated stock, valued at $3,000, to hischurch. Jimet had purchased the stockfour months earlier for $1,500. What wasthe maximum amount of the charitablecontribution allowable as an itemizeddeduction of Jimet's current year incometax return?

Note 1] You may deduct charitable contributions of money or property made to qualified…

Answered: Jimet, an unmarried

Business

Accounting

Jimet, an unmarried

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

Jimet, an unmarried taxpayer, qualified to
itemize deductions. Jimet's adjusted gross
income was $30,000 and he made a $
2,000 cash donation directly to a needy
family. During the year, Jimet also
donated stock, valued at $3,000, to his
church. Jimet had purchased the stock
four months earlier for $1,500. What was
the maximum amount of the charitable
contribution allowable as an itemized
deduction of Jimet's current year income
tax return?

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