Taxpayer and spouse contribute money to various organizations each year and file a joint return. Their adjusted gross income for 2022 is $100,000. They contributed to the following organizations in 2022:$3,500 cash donation to the World Wildlife Foundation$10,000 cash donation to the Salvation Army$2,000 cash contribution to a local city council candidate$11,000 cash donation to a breast cancer research hospitalDonated clothing to Goodwill. (The clothing was purchased for $375, but the thrift shop value of the same items at a local second-hand store is equal to $60.)How much can they deduct as charitable contributions for the year 2022?

The charitable contributions are the donations made in the form of cash or kind in order to avail…

Answered: Taxpayer and spouse contribute money to…

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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Taxpayer and spouse contribute money to various organizations each year and file a joint return. Their adjusted gross income for 2022 is $100,000. They contributed to the following organizations in 2022:

$3,500 cash donation to the World Wildlife Foundation
$10,000 cash donation to the Salvation Army
$2,000 cash contribution to a local city council candidate
$11,000 cash donation to a breast cancer research hospital
Donated clothing to Goodwill. (The clothing was purchased for $375, but the thrift shop value of the same items at a local second-hand store is equal to $60.)

How much can they deduct as charitable contributions for the year 2022?

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