Ray Ray made the following contributions this year. Charity Property Athens Academy School United Way American Heart Association First Methodist Church Cash Cash Antique painting Coca-Cola stock Cash contributions Property donations Cost $8,050 5,850 Maximum Amount 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 this year. Charity Property Athens Academy School United Way American Heart Association First Methodist Church Cash Cash Antique painting Coca-Cola stock Cash contributions Property donations Cost $8,050 5,850 Maximum Amount 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

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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