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 FMV $ 8,050 5,850 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. 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 FMV $ 8,050 5,850 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. 76,500 22,875

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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Ray Ray made the following contributions in 2021. Charity Property Cost FMV $ 5,200 5,250 15,150 16,300 $ 5,200 5,250 75,750 24,450 Athens Academy School United Way Cash Cash American Heart Association Antique painting First Methodist Church Coca-Cola stock 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
the following recipients: Charity State University Red Cross State History Museum City Medical Center Cash Cash Deduction Carryover Property Antique painting Dell stock Cost FMV $15,000 $15,000 14,500 82,000 17,000 14,500 5,000 28,000 b. Assume that Dean's AGI this year is $150,000. Determine Dean's itemized deduction for his charitable contributions this ye any carryover.
-Calvin’s AGI is $54,000. What is the charitable contribution deduction. What is the carryover?
Decide whether a person should itemize his deductions or take the standard deduction Deductible Expenditures 8800 home mortage interest 2700 contributions to charity 630 for state income Standard deduction is 11400
Indicate whether each of the items listed below would be included (I) in or excluded (E) from gross income for the 2019 tax year. ______ a. Welfare payments ______ b. Commissions ______ c. Hobby income ______d. Scholarships for room and board ______ e. $ 300 set of golf clubs, an employee award for length of service ______ f. Severance pay ______ g. Ordinary dividend of $ 50 ______ h. Accident insurance proceeds received for personal bodily injury ______ i. Inheritances ______ j. Gifts ______ k. Tips and gratuities
Ramon had AGI of $180,000 in 2019. He is considering making acharitable contribution this year to the American Heart Association, aqualified charitable organization. Determine the current allowablecharitable contribution deduction in each of the following independentsituations, and indicate the treatment for any amount that is notdeductible currently. Identify any planning ideas to minimize Ramon'stax liability. a. A cash gift of $95,000.b. A gift of OakCo stock worth $95,000 on the contribution date.Ramon had acquired the stock as an investment two years ago at acost of $84,000.C. A gift of a painting worth $95,000 that Ramon purchased threeyears ago for $60,000. The charity has indicated that it would sellthe painting to generate cash to fund medical research.d. Ramon has decided to make a cash gift to the American HeartAssociation of $113,000. However, he is considering delaying hisgift until next year when his AGI will increase to $300,000 and hewill be in the 32% income tax…