Peter has adjusted gross income of $48,000 in the current year. He contributes $27,000 to his church and $6,000 to a private non-operating foundation. What is the amount of Peter's charitable contribution deduction, and the amount and character to be carried over assuming no elections to disregard percentage limits? $21,000 Deduction; Carryover Character - 50% - $3,000. 30% - $6,000 $17,700 Deduction; Carryover Character 50% - $13,500. 30% - $4,200 $33,000 Deduction if his church was adversely affected by the coronavirus pandemic. $24,000 Deduction; Carryover Character 50% - $3,000. 30% - $6,000 $21,000 Deduction; Carryover Character 50% - $3,000. 30% - $0
Peter has adjusted gross income of $48,000 in the current year. He contributes $27,000 to his church and $6,000 to a private non-operating foundation. What is the amount of Peter's charitable contribution deduction, and the amount and character to be carried over assuming no elections to disregard percentage limits? $21,000 Deduction; Carryover Character - 50% - $3,000. 30% - $6,000 $17,700 Deduction; Carryover Character 50% - $13,500. 30% - $4,200 $33,000 Deduction if his church was adversely affected by the coronavirus pandemic. $24,000 Deduction; Carryover Character 50% - $3,000. 30% - $6,000 $21,000 Deduction; Carryover Character 50% - $3,000. 30% - $0
Chapter10: Deductions And Losses: Certain Itemized Deductions
Section: Chapter Questions
Problem 3CPA
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Transcribed Image Text:Peter has adjusted gross income of $48,000 in the current year. He contributes
$27,000 to his church and $6,000 to a private non-operating foundation. What is
the amount of Peter's charitable contribution deduction, and the amount and
character to be carried over assuming no elections to disregard percentage limits?
$21,000 Deduction; Carryover Character - 50% - $3,000. 30% - $6,000
$17,700 Deduction; Carryover Character 50% - $13,500. 30% - $4,200
$33,000 Deduction if his church was adversely affected by the coronavirus
pandemic.
$24,000 Deduction; Carryover Character 50% - $3,000. 30% - $6,000
O $21,000 Deduction; Carryover Character - 50% - $3,000. 30% - $0
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