Question

In 2018 Zeus and Zilly made the following contributions to the following organizations.

	Charity	Property	Cost	FMV
	Goodwill	Clothes and misc. household items (several years old)	$9,700	$2,350
	Historical Museum	Coin Collection	$12,500	$89,700
	Zeus and Zilly’s best friend whose house burned down	Cash	$2,500	$2,500
	UNICEF organization	Cash	$10,500	$10,500
	Toys for Tots	New toys	$1,500	$1,500
	Beaumont Hospital	Rigor stock	$9,000	$4,000
	Walker State University	Exxon Mobil Stock (held 5 years)	$14,500	$42,800
	Minor State University	Cash	$35,000	$35,000

Determine the maximum amount of charitable deduction for each of these contributions – ignoring any AGI ceiling on charitable contributions – and assuming that the Historical Museum plans to display the coin collection in the museum. Assume Zeus and Zilly’s AGI is 200,000.

Category	Amount

Determine the maximum amount of charitable deduction for each of these contributions – ignoring any AGI ceiling on charitable contributions – and assuming that the Historical Museum plans to display the coin collection in the museum. Assume Zeus and Zilly’s AGI is 350,000.

Category	Amount

Determine Zeus and Zilly’s maximum deductible charitable contribution (and any carryover) assuming their AGI is $200,000.

Category	Amount
Carryover

Determine Zeus and Zilly’s maximum deductible charitable contribution (and any carryover) assuming their AGI is $350,000.

Category	Amount
Carryover

Show Work

.

Answer 1

Solution:Calculating Maximum amount Charitable Deductions For contributions Made.

Category	Amount available for Charitable Deductions
Good Will	$2,350
Historical Museum	$89,700
Zeus and Zilly Friend burned down	Nill
UNICEF Organisation	$10,500
Toys for Tots	Nill
Beaumont Hospitals	$4,000
Walker state university	$42,800
MInor state university	Nill
Total	$1,48,350

Contribution available for Zeus and Zilly doesn't change even if AGI of them either $2,00,000 Or $3,50,000.And no need for any  Carryover if AGI is either $2,00,000 Or $3,50,000 because charitable dedutions are $1,48,350only.