Ray Ray made the following contributions in 2023. Property Charity Athens Academy School United Way American Heart Association First Methodist Church Cash Cash Cash contributions Property donations Antique painting Coca-Cola stock Cost $ 5,200 5,250 15,150 16,300 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 FMV $ 5,200 5,250 75,750 24,450
Ray Ray made the following contributions in 2023. Property Charity Athens Academy School United Way American Heart Association First Methodist Church Cash Cash Cash contributions Property donations Antique painting Coca-Cola stock Cost $ 5,200 5,250 15,150 16,300 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 FMV $ 5,200 5,250 75,750 24,450
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Munabhai
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
$ 5,200
5,250
15,150
16,300
FMV
$ 5,200
5,250
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.
75,750
24,450
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