Required information [The following information applies to the questions displayed below.] In addition to cash contributions...
Required information
[The following information applies to the questions displayed below.]
In addition to cash contributions to charity, Dean decided to donate shares of stock and a portrait painted during the earlier part of the last century. Dean purchased the stock and portrait many years ago as investments. Dean reported the following recipients:
| Charity | Property | Cost | FMV | |||
| State University | Cash | $ | 16,000 | $ | 16,000 | |
| Red Cross | Cash | 15,000 | 15,000 | |||
| State History Museum | Painting | 5,100 | 86,000 | |||
| City Medical Center | Dell stock | 38,000 | 27,000 | |||
a. Determine the maximum amount of charitable deduction for each of these contributions ignoring the AGI ceiling on charitable contributions.
Homework Answers
Answer :
Maximum amount of charitable dedcution
Cash = 16000 + 15000 = 31000
PAinting = 86000 (Fair market value in case of property)
Stock = 27000 (Fair market value in case of property)
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Required information
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information applies to the questions displayed below.]
In addition to cash
contributions...
Required information [The following information applies to the questions displayed below.] In addition to cash contributions...
Required information [The following information applies to the questions displayed below.] In addition to cash contributions to charity, Dean decided to donate shares of stock and a portrait painted during the earlier part of the last century. Dean purchased the stock and the portrait many years ago as investments. Dean reported the following recipients: Charity State University Red Cross State History Museum City Medical Center Property Cash Cash Antique painting Dell stock Cost FMV $17,400 $17,400 15,700 15,700 5,240 91,600...
[The following information applies to the questions displayed below.) In addition to cash contributions to charity,...
[The following information applies to the questions displayed below.) In addition to cash contributions to charity, Dean decided to donate shares of stock and a portrait painted during the earlier part of the last century. Dean purchased the stock and the portrait many years ago as investments. Dean reported the following recipients: Charity State University Red Cross State History Museum City Medical Center Property Cash Cash Antique painting Dell stock Cost FMV $ 17,400 $17,400 15,700 15,700 5, 240 91,600...
In addition to cash contributions to charity, Dean decided to donate shares of stock and a...
In addition to cash contributions to charity, Dean decided to donate shares of stock and a portrait painted during the earlier part of the last century. Dean purchased the stock and portrait many years ago as investments. Dean reported the following recipients: Charity Property Cost FMV State University cash $ 15,000 $15,000 Red Cross cash 14,500 14,500 State History Museum Antique painting 5,000 82,000 City Medical Center Dell stock 28,000 7,000 Determine the maximum amount of charitable deduction for each of these contributions ignoring the AGI ceiling on charitable contributions.
Required information Problem 6-44 (LO 6-2) (The following information applies to the questions displayed below.) In...
Required information Problem 6-44 (LO 6-2) (The following information applies to the questions displayed below.) In addition to cash contributions to charity, Dean decided to donate shares of stock and a portrait painted during the earlier part of the last century. Dean purchased the stock and the portrait many years ago as investments. Dean reported the following recipients: Charity State University Red Cross State History Museum City Medical Center Property Cash Cash Antique painting Dell stock Cost FMV $19,400 $...
Required information Problem 6-44 (LO 6-2) (The following information applies to the questions displayed below.] In...
Required information Problem 6-44 (LO 6-2) (The following information applies to the questions displayed below.] In addition to cash contributions to charity, Dean decided to donate shares of stock and a portrait painted during the earlier part of the last century. Dean purchased the stock and the portrait many years ago as investments. Dean reported the following recipients: Charity State University Red Cross State History Museum City Medical Center Property Cash Cash Antique painting Dell stock Cost FMV $19,400 $19,400...
Required information Problem 6-44 (LO 6-2) [The following information applies to the questions displayed below.) In...
Required information Problem 6-44 (LO 6-2) [The following information applies to the questions displayed below.) In addition to cash contributions to charity, Dean decided to donate shares of stock and a portrait painted during the earlier part of the last century. Dean purchased the stock and the portrait many years ago as investments. Dean reported the following recipients: Charity State University Red Cross State History Museum City Medical Center Property Cash Cash Antique painting Dell stock Cost FMV $19,400 $19,400...
Required information [The following information applies to the questions displayed below.] Calvin reviewed his cancelled checks...
Required information [The following information applies to the questions displayed below.] Calvin reviewed his cancelled checks and receipts this year for charitable contributions, which included an antique painting and IBM stock. He has owned the IBM stock and the painting since 2005. Donee Item Hobbs Medical Center IBM stock State Museum Antique painting A needy family Food and clothes United Way Cash Cost FMV $ 7,400 $46,000 6,200 3,720 640 380 32,000 32,000 Calculate Calvin's charitable contribution deduction and carryover...
Required information [The following information applies to the questions displayed below.) Calvin reviewed his cancelled checks...
Required information [The following information applies to the questions displayed below.) Calvin reviewed his cancelled checks and receipts this year for charitable contributions, which included an antique painting and IBM stock. He has owned the IBM stock and the painting since 2005. Donee Hobbs Medical Center State Museum A needy family United Way Item IBM stock Antique painting Food and clothes Cash Cost FMV $5,000 $22,000 5,000 3,000 400 250 8,000 8,000 Calculate Calvin's charitable contribution deduction and carryover (if...
Required information The following information applies to the questions displayed below.] Calvin reviewed his cancelled checks...
Required information The following information applies to the questions displayed below.] Calvin reviewed his cancelled checks and receipts this year for charitable contributions, which included an antique painting and IBM stock. He has owned the IBM stock and the painting since 2005. Donee Hobbs Medical Center State Museum A needy family United Way Item IBM stock Antique painting Food and clothes Cash Cost FMV $ 7,000 $ 42,000 6,000 3,600 600 360 28,000 28,000 Calculate Calvin's charitable contribution deduction and...
Required information [The following information applies to the questions displayed below.) Calvin reviewed his cancelled checks...
Required information [The following information applies to the questions displayed below.) Calvin reviewed his cancelled checks and receipts this year for charitable contributions, which included an antique painting and IBM stock. He has owned the IBM stock and the painting since 2005. Donee Item Hobbs Medical Center IBM stock State Museum Antique painting A needy family Food and clothes United Way Cash Cost FMV $ 7,400 $ 46,000 6,200 3,720 640 380 32,000 32,000 Calculate Calvin's charitable contribution deduction and...
Required information [The following information applies to the questions displayed below.] In addition to cash contributions to charity, Dean decided to donate shares of stock and a portrait painted during the earlier part of the last century. Dean purchased the stock and the portrait many years ago as investments. Dean reported the following recipients: Charity State University Red Cross State History Museum City Medical Center Property Cash Cash Antique painting Dell stock Cost FMV $17,400 $17,400 15,700 15,700 5,240 91,600...
[The following information applies to the questions displayed below.) In addition to cash contributions to charity, Dean decided to donate shares of stock and a portrait painted during the earlier part of the last century. Dean purchased the stock and the portrait many years ago as investments. Dean reported the following recipients: Charity State University Red Cross State History Museum City Medical Center Property Cash Cash Antique painting Dell stock Cost FMV $ 17,400 $17,400 15,700 15,700 5, 240 91,600...
Required information Problem 6-44 (LO 6-2) (The following information applies to the questions displayed below.) In addition to cash contributions to charity, Dean decided to donate shares of stock and a portrait painted during the earlier part of the last century. Dean purchased the stock and the portrait many years ago as investments. Dean reported the following recipients: Charity State University Red Cross State History Museum City Medical Center Property Cash Cash Antique painting Dell stock Cost FMV $19,400 $...
Required information Problem 6-44 (LO 6-2) (The following information applies to the questions displayed below.] In addition to cash contributions to charity, Dean decided to donate shares of stock and a portrait painted during the earlier part of the last century. Dean purchased the stock and the portrait many years ago as investments. Dean reported the following recipients: Charity State University Red Cross State History Museum City Medical Center Property Cash Cash Antique painting Dell stock Cost FMV $19,400 $19,400...
Required information Problem 6-44 (LO 6-2) [The following information applies to the questions displayed below.) In addition to cash contributions to charity, Dean decided to donate shares of stock and a portrait painted during the earlier part of the last century. Dean purchased the stock and the portrait many years ago as investments. Dean reported the following recipients: Charity State University Red Cross State History Museum City Medical Center Property Cash Cash Antique painting Dell stock Cost FMV $19,400 $19,400...
Required information [The following information applies to the questions displayed below.] Calvin reviewed his cancelled checks and receipts this year for charitable contributions, which included an antique painting and IBM stock. He has owned the IBM stock and the painting since 2005. Donee Item Hobbs Medical Center IBM stock State Museum Antique painting A needy family Food and clothes United Way Cash Cost FMV $ 7,400 $46,000 6,200 3,720 640 380 32,000 32,000 Calculate Calvin's charitable contribution deduction and carryover...
Required information [The following information applies to the questions displayed below.) Calvin reviewed his cancelled checks and receipts this year for charitable contributions, which included an antique painting and IBM stock. He has owned the IBM stock and the painting since 2005. Donee Hobbs Medical Center State Museum A needy family United Way Item IBM stock Antique painting Food and clothes Cash Cost FMV $5,000 $22,000 5,000 3,000 400 250 8,000 8,000 Calculate Calvin's charitable contribution deduction and carryover (if...
Required information The following information applies to the questions displayed below.] Calvin reviewed his cancelled checks and receipts this year for charitable contributions, which included an antique painting and IBM stock. He has owned the IBM stock and the painting since 2005. Donee Hobbs Medical Center State Museum A needy family United Way Item IBM stock Antique painting Food and clothes Cash Cost FMV $ 7,000 $ 42,000 6,000 3,600 600 360 28,000 28,000 Calculate Calvin's charitable contribution deduction and...
Required information [The following information applies to the questions displayed below.) Calvin reviewed his cancelled checks and receipts this year for charitable contributions, which included an antique painting and IBM stock. He has owned the IBM stock and the painting since 2005. Donee Item Hobbs Medical Center IBM stock State Museum Antique painting A needy family Food and clothes United Way Cash Cost FMV $ 7,400 $ 46,000 6,200 3,720 640 380 32,000 32,000 Calculate Calvin's charitable contribution deduction and...
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