Individual Income Taxes
43rd Edition
ISBN: 9780357109731
Author: Hoffman
Publisher: CENGAGE LEARNING - CONSIGNMENT
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Question
Chapter 10, Problem 34P
a.
To determine
Find out the current allowable charitable contribution deduction in the given situations, and signify the treatment for any amount that is not deductible currently.
b.
To determine
Find out the current allowable charitable contribution deduction in the given situations, and signify the treatment for any amount that is not deductible currently.
c.
To determine
Find out the current allowable charitable contribution deduction in the given situations, and signify the treatment for any amount that is not deductible currently.
d.
To determine
Find out the current allowable charitable contribution deduction in the given situations, and signify the treatment for any amount that is not deductible currently. Compute the present value of the tax savings.
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Ramon had AGI of $193,000 in 2019. He is considering making a charitable contribution this year to the American Heart Association, a
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situations, and indicate the treatment for any amount that is not deductible currently.
a. A cash gift of $96,500.
In the current year, Ramon may deduct $
since his charitable contribution is limited to s
b. A gift of OakCo stock worth $96,500 on the contribution date. Ramon acquired the stock as an investment two years ago at a cost of
$86,850.
The stock's value for determining the contribution is $
The deduction for 2019 is $
The remaining
for
years.
c. A gift of a painting worth $96,500 that Ramon purchased three years ago for $86,850. The charity has indicated that it would sell the
painting to generate cash to fund medical research.
The contribution is valued at $
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LO.6, 8 Ramon had AGI of $180,000 in 2020. He is considering making a charitable contribution this year to the American Heart Association, a qualified charitable organization. Determine the current allowable charitable contribution deduction in each of the following independent situations, and indicate the treatment for any amount that is not deductible currently. Identify any planning ideas to minimize Ramon’s tax liability.
A cash gift of $95,000.
A gift of OakCo stock worth $95,000 on the contribution date. Ramon had acquired the stock as an investment two years ago at a cost of $84,000.
A gift of a painting worth $95,000 that Ramon purchased three years ago for $60,000. The charity has indicated that it would sell the painting to generate cash to fund medical research.
Ramon has decided to make a cash gift to the American Heart Association of $113,000. However, he is considering delaying his gift until next year when his AGI will increase to $300,000 and he will be in the 32%…
For 2022, Eugene and Linda had adjusted gross income of $30,000. Additional information for 2022 is as follows:
Cash contribution to American Heart Association $1,300
Tuition paid to a parochial school $1,200
Cash contribution to a qualified charity $400
Cash contribution to a needy family $100
What is the maximum amount they can deduct for charitable contributions in 2022?
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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