Ray Ray made the following contributions in 2023. Charity Athens Academy School United Way American Heart Association First Methodist Church Cash Cash Cash contributions Property donations Property Antique painting Coca-Cola stock Maximum Amount Cost $ 8,050 5,850 15,300 15,250 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. FMV $ 8,050 5,850 76,500 22,875
Ray Ray made the following contributions in 2023. Charity Athens Academy School United Way American Heart Association First Methodist Church Cash Cash Cash contributions Property donations Property Antique painting Coca-Cola stock Maximum Amount Cost $ 8,050 5,850 15,300 15,250 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. FMV $ 8,050 5,850 76,500 22,875
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Ray Ray made the following contributions in 2023.
Charity
Athens Academy School
United Way
American Heart Association
First Methodist Church
Cash
Cash
Cash contributions
Property donations
Property
Antique painting
Coca-Cola stock.
Maximum Amount
Cost
$ 8,050
5,850
15,300
15,250
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.
FMV
$ 8,050
5,850
76,500
22,875
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