Answered: Sarah donated an Anne Klein coat to a…

Sarah donated an Anne Klein coat to a local Goodwill. She paid $350 for the coat two years ago. Similar coats are selling at Goodwill for $75. What is Sarah’s charitable deduction?

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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Calvin reviewed his canceled checks and receipts this year for charitable contributions, which included an antique painting and IBM stock. He has owned the IBM stock and the painting since 2005. Donee Item Cost FMV Hobbs Medical Center IBM stock $ 9,400 $ 66,000 State Museum Antique painting 7,200 4,320 A needy family Food and clothes 840 500 United Way Cash 52,000 52,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. (Leave no answer blank. Enter zero if applicable.) Calvin’s AGI is $320,000, but the painting is worth $142,000. what is the following: Charitable contribution deduction Carryover
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Right before his death from a terminal illness, Shing makes a gift of $615,000 cash to his church—a gift that he had planned to bequeath to the church anyway. Presuming Shing had a marginal Federal income tax rate of 35% and his Federal estate tax bracket is 40%, what is the tax effect of his lifetime transfer. Ignore the 20%/30%/50%/60% contribution limitations. 1) If gifted during his lifetime, Shing will save _______ in income taxes. 2) If made as a bequest from his estate, the estate will save ______ in estate taxes.
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Calvin reviewed his cancelled checks and receipts this year for charitable contributions, which included an antique painting and IBM stock. He has owned the IBM stock and the painting since 2005. Donee Item Cost FMV Hobbs Medical Center IBM stock $ 8,200 $ 54,000 State Museum Antique painting 6,600 3,960 A needy family Food and clothes 720 430 United Way Cash 40,000 40,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Calvin’s AGI is $129,000. Charitable contribution deduction? Carryover?
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For the current year, Gina Hestopolis had adjusted gross income of $100,000. During the year, she contributed a total of $6,000 in cash to her church evenly throughout the year and an additional $3,000 in cash to qualified charities. She also contributed religious artwork with a fair market value of $60,000 and a basis of $20,000 to her church. The church intends to display the religious artwork in the church foyer. If Gina chooses to itemize her deductions, what is the amount of her deductible charitable contribution in the current year?Group of answer choices$9,000. $20,000. $35,400.$60,000.
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When Minnie K. Patton wrote her will, she left a portion of her estate to the Dallas County Community College District Foundation to create a scholarship in her name. She'd grown up poor and uneducated in rural Oklahoma and wanted to give students the shot at upward mobility that she wouldn't have had had she not married into money. Her will didn't provide many guidelines for doling out the scholarships, stipulating only that recipients "must demonstrate their capacity and desire for their education as well as their need for assistance." The task of deciding which students fit those criteria fell to Daphne Hughes, who was put in charge of DCCCD's scholarship program in May 2011. Her method of doing this quickly raised eyebrows. In July 2012, an employee of El Centro college complained to district auditors that the school's scholarship committee found itself with only enough money to fund six out of more than 50 applications for the Minnie K. Patton Scholarship; the funds are supposed…
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