Ray Ray made the following contributions in 2021.CharityPropertyCostFMV$ 5,000Athens Academy SchoolUnited Way$ 5,0004,00015,000CashCash4,00075,00020,000American Heart AssociationAntique paintingFirst Methodist ChurchCoca-Cola stock12,000Determine the maximum amount of charitable deduction for each of these contributions ignoring the AGI ceiling on charitablecontributions and assuming that the American Heart Association plans to sell the antique painting to fund its operations. Ray Ray hasowned the painting and Coca-Cola stock since 1990.Maximum AmountCash contributionsProperty donations

given Ray Ray has owned the painting and Coca-Cola stock since 1990. Maximum Amount Cash…

Ray Ray made the following contributions in 2021. Charity Property Cost FMV $ 5,000 $ 5,000 4,000 75,000 20,000 Athens Academy School United Way Cash Cash Antique painting Coca-Cola stock 4,000 15,000 12,000 American Heart Association First Methodist Church

Ray Ray made the following contributions in 2021. Charity Property Cost FMV $ 5,000 $ 5,000 4,000 75,000 20,000 Athens Academy School United Way Cash Cash Antique painting Coca-Cola stock 4,000 15,000 12,000 American Heart Association First Methodist Church

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter3: Corporations: Introduction And Operating Rules

Section: Chapter Questions

Problem 12DQ

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Question

Ray Ray made the following contributions in 2021.
Charity
Property
Cost
FMV
$ 5,000
Athens Academy School
United Way
$ 5,000
4,000
15,000
Cash
Cash
4,000
75,000
20,000
American Heart Association
Antique painting
First Methodist Church
Coca-Cola stock
12,000
Determine the maximum amount of charitable deduction for each of these contributions ignoring the AGI ceiling on charitable
contributions and assuming that the American Heart Association plans to sell the antique painting to fund its operations. Ray Ray has
owned the painting and Coca-Cola stock since 1990.
Maximum Amount
Cash contributions
Property donations

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