Individual Income Taxes
43rd Edition
ISBN: 9780357109731
Author: Hoffman
Publisher: CENGAGE LEARNING - CONSIGNMENT
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Question
Chapter 10, Problem 33P
a.
To determine
Identify the amount that Person L could deduct in the given situation.
b.
To determine
Identify the amount that Person L could deduct in the given situation.
c.
To determine
Identify the amount that Person L could deduct in the given situation.
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Students have asked these similar questions
Liz had AGI of $130,000 in 2020. She donated Bluebird Corporation stock with a basis of $10,000 to a qualified charitable organization on July 5, 2020.
What is the amount of Liz’s deduction assuming that she purchased the stock on December 3, 2019, and the stock had a fair market value of $17,000 when she made the donation?
Assume the same facts as in part (a), except that Liz purchased the stock on July 1, 2017.
Assume the same facts as in part (a), except that the stock had a fair market value of $7,500 (rather than $17,000) when Liz donated it to the charity.
Donna donates stock in Chipper Corporation to the American Red Cross on September 10, 2023. She purchased
the stock for $21,000 on December 28, 2022, and it had a fair market value of $30,000 when she made the
donation.
a. What is Donna's charitable contribution deduction?
The stock is treated as ordinary income ✓ property and Donna's charitable contribution deduction is $
for tax purposes.
b. Assume instead that the stock had a fair market value of $18,000 (rather than $30,000) when it was
donated to the American Red Cross. What is Donna's charitable contribution deduction?
c. What documentation should you request from Donna to confirm the amount of her charitable contribution
deduction?
Donna needs to have documentation that the stock was
date. In addition, because the donation is over $250
acknowledgment from the charity.
donated, the date and the value at that
✓, she must have a contemporaneous written
Donna donates stock in Chipper Corporation to the American Red Cross on September 10, 2020. She purchased the stock for $19,600 on December 28, 2019, and it had a fair market value of $28,000 when she made the donation.
a. What is Donna's charitable contribution deduction? The stock is treated as ordinary income property and Donna's charitable contribution deduction is $___________________ for tax purposes.
b. Assume instead that the stock had a fair market value of $16,800 (rather than $28,000) when it was donated to the American Red Cross. What is Donna's charitable contribution deduction?$___________________
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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