Markita donated stock
Markita donated stock that she has held for less than a year to a qualified charitable organization. Her basis in the stock is $1,000 and the fair market value of the stock is $1,200. In regards to the donation, the stock is ______.
Homework Answers
ordinary income property and Markita can deduct $1,000
roblem 10-33 (c) (LO. 6) Chatzkel had AGI of $510,000 in 2019. He donated corporate stock...
roblem 10-33 (c) (LO. 6) Chatzkel had AGI of $510,000 in 2019. He donated corporate stock with a basis of $130,000 to a qualified charitable organization on Hay 9, 2019. a. What is the amount of Chatzkel's deduction assuming that he purchased the stock on July 1, 2018, and the stock had a fair market value of $123,000 when he made the donation? Chatzkel's deduction is $ 123,000 Feedback b. Assuming that he purchased the stock on February 28, 2018,...
Lilly had AGI of $240,000 in 2019. She donated SnapCo corporate stock with a basis of...
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...
Mr. and Mrs. Smith donated on August 14, 2016 a 2014 Maverick Micro flat boat to...
Mr. and Mrs. Smith donated on August 14, 2016 a 2014 Maverick Micro flat boat to Trout Unlimited, a qualified charitable organization. The fair market value at the time of the donation was $12,800. The Smith’s had purchased the boat on February 2, 2014. What is the amount of charitable contribution, if any? Explain.
Exercise 3-26 (LO. 1) Compute the charitable contribution deduction ignoring the percentage limitation for each of...
Exercise 3-26 (LO. 1) Compute the charitable contribution deduction ignoring the percentage limitation for each of the following corporations a. Amber Corporation donated inventory of clothing (basis of $24,000, fair market value of $30,000) to a qualified charitable organization that operates homeless shelters b. Brass Corporation donated stock held as an investment to Western College (a qualified organization). Brass acquired the stock three years ago for $18,000, and the fair market value on the date of the contribution is $32,000....
26. LO.1 Compute the charitable contribution deduction (ignoring the percentage limitation) for each of the following...
26. LO.1 Compute the charitable contribution deduction (ignoring the percentage limitation) for each of the following C corporations. a. Amber Corporation donated inventory of clothing (basis of $24,000, fair market value of $30,000) to a qualified charitable organization that operates homeless shelters. b. Brass Corporation donated stock held as an investment to Western College (a qualified organization). Brass acquired the stock three years ago for $18,000, and the fair market value on the date of the contribution is $32,000. Western...
Compute the charitable contribution deduction (ignoring the percentage limitation) for each of the following C corporations....
Compute the charitable contribution deduction (ignoring the percentage limitation) for each of the following C corporations. If required, round your answers to nearest dollar. a. Amber Corporation donated inventory of clothing (basis of $26,000, fair market value of $32,500) to a qualified charitable organization that operates homeless shelters. $_____ b. Brass Corporation donated stock held as an investment to Western College (a qualified organization). Brass acquired the stock three years ago for $135,600, and the fair market value on the...
Compute the charitable contribution deduction (ignoring the percentage limitation) for each of the following C corporations....
Compute the charitable contribution deduction (ignoring the percentage limitation) for each of the following C corporations. If required, round your answers to nearest dollar. a. Amber Corporation donated inventory of clothing (basis of $28,500, fair market value of $35,625) to a qualified charitable organization that operates homeless shelters. $ b. Brass Corporation donated stock held as an investment to Western College (a qualified organization). Brass acquired the stock three years ago for $156,000, and the fair market value on the...
In the current year, Crow Corporation, a corporation, donated scientific property (basis of $20,000, fait market...
In the current year, Crow Corporation, a corporation, donated scientific property (basis of $20,000, fait market value of $50,000) to state University, a qualified charitable organization, to be used in research. Crow had held the property for four months as inventory. Crow Corporation may deduct $50,000 for the charitable contribution (ignoring the taxable income limitation). • True False
Help Center (Ch.6&7) Help Seve & Ext Sube Claire donated 230 publicly traded shares of 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
In December each year, Eleanor Young contributes 10% of her gross income to the United Way...
In December each year, Eleanor Young contributes 10% of her gross income to the United Way (a 50% organization). Eleanor, who is in the 24% marginal tax bracket, is considering the following alternatives for satisfying the contribution Fair Market Value $100,000 $103,000 (1) Cash donation (2) Unimproved and held for six years ($15.450 basis) (2) Blue Corporation stock held for eight months (515,450 basis) (4) Gold Corporation stock held for two years ($123,600 basis) $103,000 $10,000 Eleanochas esked you to...
roblem 10-33 (c) (LO. 6) Chatzkel had AGI of $510,000 in 2019. He donated corporate stock with a basis of $130,000 to a qualified charitable organization on Hay 9, 2019. a. What is the amount of Chatzkel's deduction assuming that he purchased the stock on July 1, 2018, and the stock had a fair market value of $123,000 when he made the donation? Chatzkel's deduction is $ 123,000 Feedback b. Assuming that he purchased the stock on February 28, 2018,...
Exercise 3-26 (LO. 1) Compute the charitable contribution deduction ignoring the percentage limitation for each of the following corporations a. Amber Corporation donated inventory of clothing (basis of $24,000, fair market value of $30,000) to a qualified charitable organization that operates homeless shelters b. Brass Corporation donated stock held as an investment to Western College (a qualified organization). Brass acquired the stock three years ago for $18,000, and the fair market value on the date of the contribution is $32,000....
26. LO.1 Compute the charitable contribution deduction (ignoring the percentage limitation) for each of the following C corporations. a. Amber Corporation donated inventory of clothing (basis of $24,000, fair market value of $30,000) to a qualified charitable organization that operates homeless shelters. b. Brass Corporation donated stock held as an investment to Western College (a qualified organization). Brass acquired the stock three years ago for $18,000, and the fair market value on the date of the contribution is $32,000. Western...
In the current year, Crow Corporation, a corporation, donated scientific property (basis of $20,000, fait market value of $50,000) to state University, a qualified charitable organization, to be used in research. Crow had held the property for four months as inventory. Crow Corporation may deduct $50,000 for the charitable contribution (ignoring the taxable income limitation). • True False
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
In December each year, Eleanor Young contributes 10% of her gross income to the United Way (a 50% organization). Eleanor, who is in the 24% marginal tax bracket, is considering the following alternatives for satisfying the contribution Fair Market Value $100,000 $103,000 (1) Cash donation (2) Unimproved and held for six years ($15.450 basis) (2) Blue Corporation stock held for eight months (515,450 basis) (4) Gold Corporation stock held for two years ($123,600 basis) $103,000 $10,000 Eleanochas esked you to...
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