Owen is considering giving a large charitable contribution to an organization in the current year.Owen's adjusted gross income for the year will be $150,000. He wants to contribute $80,000 ineither cash or property. If he contributes cash to a public charity, he can deduct $48000this year. If he contributes capital gain property that is worth $80,000to a public charity, he can deduct $24000Or, if he contributes the publiclytraded stock to a private nonoperating foundation, he can deduct $ 16000year.Correct Answer900004500030000this

Owen's AGI: $150,000Maximum deduction limit for cash contributions to public charities: 60% of…

Owen is considering giving a large charitable contribution to an organization in the current year. Owen's adjusted gross income for the year will be $150,000. He wants to contribute $80,000 in either cash or property. If he contributes cash to a public charity, he can deduct $ this year. If he contributes capital gain property that is worth $80,000 48000 to a public charity, he can deduct $24000 Or, if he contributes the publicly ☑ traded stock to a private nonoperating foundation, he can deduct $16000 this year. Correct Answer

Owen is considering giving a large charitable contribution to an organization in the current year. Owen's adjusted gross income for the year will be $150,000. He wants to contribute $80,000 in either cash or property. If he contributes cash to a public charity, he can deduct $ this year. If he contributes capital gain property that is worth $80,000 48000 to a public charity, he can deduct $24000 Or, if he contributes the publicly ☑ traded stock to a private nonoperating foundation, he can deduct $16000 this year. Correct Answer

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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Trevor is a single individual who is a cash-method, calendar-year taxpayer. For each of the next two years (2023 and 2024), Trevor expects to report salary of $98,000, contribute $8,600 to charity, and pay $3,250 in state income taxes. Required: a. Estimate Trevor's taxable income for 2023 and 2024 using the 2023 amounts for the standard deduction for both years.
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2. Curtis had AGI of $150,000 in 2022. He donated a painting to the American Heart Association, a qualified charitable organization. The fair market value of the painting is $65,000, and Curtis purchased it three years ago for $50,000. The charity indicated that it would sell the painting to generate cash to fund medical research. Determine the amount of charitable contribution deduction for 2022. a) $75,000. b) $50,000. c) $65,000. d) $45,000.
Trevor is a single individual who is a cash-method, calendar-year taxpayer. For each of the next two years (2022 and 2023), Trevor expects to report salary of $108,000, contribute $8,350 to charity, and pay $3,500 in state income taxes. Required: a. Estimate Trevor's taxable income for 2022 and 2023 using the 2022 amounts for the standard deduction for both years. b. Now assume that Trevor combines his anticipated charitable contributions for the next two years and makes the combined contribution in December of 2022. Estimate Trevor's taxable income for each of the next two years using the 2022 amounts for the standard deduction. c. Trevor plans to purchase a residence next year, and he estimates that additional property taxes and residential interest will cost $3,400 and $31,000, respectively, each year. Estimate Trevor's taxable income for each of the next two years (2022 and 2023) using the 2022 amounts for the standard deduction and also assuming Trevor makes the charitable…
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LO.6, 8 Ramon had AGI of $180,000 in 2020. He is considering making a charitable contribution this year to the American Heart Association, a qualified charitable organization. Determine the current allowable charitable contribution deduction in each of the following independent situations, and indicate the treatment for any amount that is not deductible currently. Identify any planning ideas to minimize Ramon’s tax liability. A cash gift of $95,000. A gift of OakCo stock worth $95,000 on the contribution date. Ramon had acquired the stock as an investment two years ago at a cost of $84,000. A gift of a painting worth $95,000 that Ramon purchased three years ago for $60,000. The charity has indicated that it would sell the painting to generate cash to fund medical research. Ramon has decided to make a cash gift to the American Heart Association of $113,000. However, he is considering delaying his gift until next year when his AGI will increase to $300,000 and he will be in the 32%…