Patrick has an adjusted gross income of $120,000 in the current year. He donated $50,000 in cash to a public charity, capital gain property with a basis of $15,000 and a fair market value of $35,000 to a public charity, and publicly traded stock with a basis of $12,000 and a fair market value of $25,000 to a private nonoperating foundation. Patrick's deductible contribution for the current year is ______.
$50,000 in cash to the public charity, $10,000 in property to the public charity, and $0 in stock to the private nonoperating foundation
Ayesha’s adjusted gross income is $60,000 in 2019. She donated a piece of artwork with a basis of $20,000 and a fair market value (FMV) of $25,000. She has owned the artwork for 10 years. The charity that Ayesha donated the artwork to is a public charity and will display the art work in its art center. What is the maximum charitable deduction in 2019 that Ayesha can take?
Lilly had AGI of $240,000 in 2019. She donated SnapCo corporate stock with a basis of $50,000 to a qualified private nonoperating foundation on September 30, 2019. a. What is the amount of Lilly's deduction assuming that she purchased the stock on November 11, 2018, and the stock had a fair market value of $45,000 when she made the donation? Lilly's deduction is $ 45,000 . b. Assuming that she purchased the stock on July 23, 2018, and the stock...
Help Center (Ch.6&7) Help Seve & Ext Sube Claire donated 230 publicly traded shares of stock (held for 5 years) to her father's nonoperating private foundation this year. The stock was worth $15160 but Claire's basis was only $4,160. Determine the maximum amount of charitable deduction for the donation if Claire's AGUS $61,600 this year
3. (55 points) The adjusted basis of Peter Palmer's partnership interest is $50,000. In complete liquidation of his interest in the partnership, Peter receives $15,000 in cash, inventory items having a basis to the partnership of $20,000 and a fair market value of $22,000, and two parcels of land.. Parcel I has an adjusted basis to the partnership of $18,000 and a fair market value of $15,000 and Parcel II has an adjusted basis to the partnership of $12,000 and...
Metro Corp. traded Land A for Land B. Metro originally purchased Land A for $50,000 and Land A's adjusted basis was $25,000 at the time of the exchange. What is Metro's realized gain or loss, recognized gain or loss, and adjusted basis in Land B in each of the following alternative scenarios? (Loss amounts should be indicated by a minus sign. Input all other amounts as positive values. Leave no answer blank. Enter zero is applicable.) a. The fair market...
Ronald donates publicly traded Microsystems stock with a basis of $2,000 and a fair market value of $20,000 to the local library, which is considered a public charity. Ronald has $30,000 of adjusted gross income, and he purchased the stock 15 years ago. How is this contribution treated on Ronald’s tax return?
Karli owns a 25% capital and profits interest in the calendar-year KJDV Partnership. Her adjusted basis for her partnership interest on July 1 of the current year is $200,000. On that date, she receives a proportionate current (nonliquidating) distribution of the following assets. PARTNERSHIP'S BASIS IN ASSET ASSET'S FAIR MARKET VALUE CASH $120,000 $120,000 INVENTORY $50,000 $60,000 LAND (HELD FOR INVESTMENT) $70,000 $100,000 a. Calculate Karli’s recognized gain or loss on the distribution, if any. b. Calculate Karli’s basis in...
In an exchange, Luciana gave up her business-use real property (FMV $50,000, adjusted basis $35,000) for a smaller piece of business-use real property (FMV $25,000) and $25,000 cash. What is the gain realized and recognized on the exchange? ______ realized gain; _____ recognized gain. $5,000; $0 $15,000; $0 $15,000; $15,000 $15,000; $25,000
Required information (The following information applies to the questions displayed below) Metro Corp. traded Land A for Land B. Metro originally purchased Land A for $50,000 and Land A's adjusted basis was $25,000 at the time of the exchange. What is Metro's realized gain or loss, recognized gain or loss, and adjusted basis in Land B in each of the following alternative scenarios? (Loss amounts should be indicated by a minus sign. Input all other amounts as positive values. Leave...
Jose sells stock with an adjusted basis of $65,000 to his son, Jesse, for its fair market value of $40,000. Jesse sells the stock one year later for $50,000. Jesse will recognize a gain(loss) on the subsequent sale of A) $0. B) $10,000 gain. C) $15,000 gain. D) $20,000 loss.