Individual Income Taxes
43rd Edition
ISBN: 9780357109731
Author: Hoffman
Publisher: CENGAGE LEARNING - CONSIGNMENT
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Chapter 10, Problem 13DQ
To determine
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Ray Ray made the following contributions this year.
Charity
Property
Athens Academy School
United Way
American Heart Association
First Methodist Church
Cost
$ 8,050
5,850
Antique painting
15,300
Coca-Cola stock 15,250
Cash contributions
Property donations
Cash
Cash
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.
FMV
$8,050
5,850
76,500
22,875
Maximum Amount
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 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
Chapter 10 Solutions
Individual Income Taxes
Ch. 10 - Prob. 1DQCh. 10 - Prob. 2DQCh. 10 - Prob. 3DQCh. 10 - Prob. 4DQCh. 10 - LO.2 David, a sole proprietor of a bookstore, pays...Ch. 10 - LO.2 Jayden, a calendar year taxpayer, paid 16,000...Ch. 10 - Prob. 7DQCh. 10 - Prob. 8DQCh. 10 - Prob. 9DQCh. 10 - Prob. 10DQ
Ch. 10 - LO.5 Thomas purchased a personal residence from...Ch. 10 - Prob. 12DQCh. 10 - Prob. 13DQCh. 10 - LO.6, 8 William, a high school teacher, earns...Ch. 10 - LO.2 Barbara incurred the following expenses...Ch. 10 - Prob. 16CECh. 10 - Prob. 17CECh. 10 - Prob. 18CECh. 10 - Prob. 19CECh. 10 - Prob. 20CECh. 10 - Prob. 21CECh. 10 - Prob. 22PCh. 10 - Prob. 23PCh. 10 - LO.2 Paul suffers from emphysema and severe...Ch. 10 - LO.2 For calendar year 2019, Jean was a...Ch. 10 - LO.2 During 2019, Susan incurred and paid the...Ch. 10 - In May, Rebeccas daughter, Isabella, sustained a...Ch. 10 - Prob. 28PCh. 10 - Prob. 29PCh. 10 - Prob. 30PCh. 10 - Prob. 31PCh. 10 - Prob. 32PCh. 10 - Prob. 33PCh. 10 - Prob. 34PCh. 10 - On December 27, 2019, Roberta purchased four...Ch. 10 - Prob. 36PCh. 10 - Prob. 37PCh. 10 - Prob. 38PCh. 10 - LO.2, 3, 4, 5, 6, 7 Linda, who files as a single...Ch. 10 - LO.2, 3, 4, 5, 6, 7 For calendar year 2019, Stuart...Ch. 10 - Prob. 41CPCh. 10 - Marcia, a shareholder in a corporation with stores...Ch. 10 - Prob. 4RPCh. 10 - Prob. 1CPACh. 10 - Prob. 2CPACh. 10 - Prob. 3CPACh. 10 - Kurstie received a 800 state income tax refund...Ch. 10 - Which of the following would preclude a taxpayer...Ch. 10 - Prob. 6CPA
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