Ray Ray made the following contributions in 2021. Charity Property Cost FMV $ 5,200 $ 5,200 Athens Academy School United Way Cash Cash Antique painting Coca-Cola stock 5,250 15,150 16,300 5,250 75,750 24,450 American Heart Association First Methodist Church 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
Ray Ray made the following contributions in 2021. Charity Property Cost FMV $ 5,200 $ 5,200 Athens Academy School United Way Cash Cash Antique painting Coca-Cola stock 5,250 15,150 16,300 5,250 75,750 24,450 American Heart Association First Methodist Church 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
Chapter5: Deductions For And From Agi
Section: Chapter Questions
Problem 27MCQ
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT