Suppose dean is a dealer in antique painting and had held the painting for sale before the contribution. What is deans charitable contribution deduction for the painting in this situatio
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- On December 27, 2019, Roberta purchased four tickets to a charity ball sponsored by the city of San Diego for the benefit of underprivileged children. Each ticket cost 200 and had a fair market value of 35. On the same day as the purchase, Roberta gave the tickets to the minister of her church for personal use by his family. At the time of the gift of the tickets, Roberta pledged 4,000 to the building fund of her church. The pledge was satisfied by a check dated December 31, 2019, but not mailed until January 3, 2020. a. Presuming that Roberta is a cash basis and calendar year taxpayer, how much can she deduct as a charitable contribution for 2019? b. Would the amount of the deduction be any different if Roberta was an accrual basis taxpayer? Explain.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 in 2022: Charity Property Cost FMV State University Cash $ 15,200 $ 15,200 Red Cross Cash 14,600 14,600 State History Museum Painting 5,020 82,800 City Medical Center Dell stock 30,000 19,000 a. Determine the maximum amount of charitable deduction for each of these contributions ignoring the AGI ceiling on charitable contributions. b. Assume that Dean's AGI this year is $160,000. Determine Dean's itemized deduction for his charitable contributions this year and any carryover. c. Suppose Dean is a dealer in antique paintings and had held the painting for sale before the contribution. What is Dean's charitable contribution deduction for the painting in this situation (ignoring AGI limitations)? d. Suppose that…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 in 2021: Charity Property Cost FMV State University Cash $ 16,400 $ 16,400 Red Cross Cash 15,200 15,200 State History Museum Antique painting 5,140 87,600 City Medical Center Dell stock 42,000 31,000 Problem 6-49 Part-a (Algo) answers needed for all parts a, b c, and d a. Determine the maximum amount of charitable deduction for each of these contributions ignoring the AGI ceiling on charitable contributions. b. Assume that Dean’s AGI this year is $220,000. Determine Dean’s itemized deduction for his charitable contributions this year and any carryover. c. Suppose Dean is a dealer in antique paintings and had held the painting for sale before the…
- Which of the following is a specific legacy? Choose the correct.a. The gift of all remaining estate property to a charity.b. The gift of $44,000 cash from a specified source.c. The gift of $44,000 cash.d. The gift of 1,000 shares of stock in IBM.Which of the following is a specific legacy? The gift of all remaining estate property to a charity. The gift of $44,000 cash from a specified source. The gift of $44,000 cash. The gift of 1,000 shares of stock in IBM.James Albemarle created a trust fund at the beginning of 2016. The income from this fund will go to his son Edward. When Edward reaches the age of 25, the principal of the fund will be conveyed to United Charities of Cleveland. Mr. Albemarle specified that 75 percent of trustee fees are to be paid from principal. Terry Jones, CPA, is the trustee. Prepare all necessary journal entries for the trust to record the following transactions: James Albemarle transferred cash of $300,000, stocks worth $200,000, and rental property valued at $150,000 to the trustee of this fund. Immediately invested cash of $260,000 in bonds issued by the U.S. government. Commissions of $3,000 are paid on this transaction. Incurred permanent repairs of $7,000 so that the property can be rented. Payment is made immediately. Received dividends of $4,000. Of this amount, $1,000 had been declared prior to the creation of the trust fund. Paid insurance expense of $2,000 on the rental property. Received rental income…
- James Albemarle created a trust fund at the beginning of 2016. The income from this fund will go to his son Edward. When Edward reaches the age of 25, the principal of the fund will be conveyed to United Charities of Cleveland. Mr. Albemarle specified that 75 percent of trustee fees are to be paid from principal. Terry Jones, CPA, is the trustee.Prepare all necessary journal entries for the trust to record the following transactions:a. James Albemarle transferred cash of $300,000, stocks worth $200,000, and rental property valued at $150,000 to the trustee of this fund.b. Immediately invested cash of $260,000 in bonds issued by the U.S. government. Commissions of $3,000 are paid on this transaction.c. Incurred permanent repairs of $7,000 so that the property can be rented. Payment is made immediately.d. Received dividends of $4,000. Of this amount, $1,000 had been declared prior to the creation of the trust fund.e. Paid insurance expense of $2,000 on the rental property.f. Received…In 2022, Ian and Isabella donated Stock A to a public charity. Stock A had a fair market value of $80,000, and Ian and Isabella purchased Stock A many years ago for $1,000. What is Ian and Isabella's 2022 charitable contribution deduction (after application of the limitation) if, in 2022, Ian and Isabella had gross income of $110,000 and adjusted gross income of $100,000? Enter your answer as a positive number.Mark's will contains the following dispositive provisions. $10,000 to the American Cancer Society. $5,000 to the Pastor of my church. $4,000 to my cousin Vinny who has extensive medical issues. $4,000 to Grave Robbers, a nonprofit cemetery association. $3,000 to the First Presbyterian Church in London, England. What is the amount of the charitable deduction available to Mark's estate? Group of answer choices $10,000. $13,000. $17,000. $21,000. $26,000.
- [The following information applies to the questions displayed below.] Calvin reviewed his canceled checks and receipts this year (2023) for charitable contributions, which included an antique painting and IBM stock. He has owned the IBM stock and the painting since 2005. Donee Item Cost FMV Hobbs Medical Center IBM stock $ 8,200 $ 54,000 State Museum Antique painting 6, 600 3,960 A needy family Food and clothes 720 430 United Way Cash 40,000 40,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Note: Leave no answer blank. Enter zero if applicable. b. Calvin's AGI is $260,000, but the State Museum told Calvin that it plans to sell the painting.Gabby’s records contain the following information for 2020: 1. Donated stock having a fair market value of $3,600 to a qualified charitable organization. She acquired the stock five months previously at a cost of $2,400. 2. Paid $700 to a church so her daughter can attend summer camp. 3. Donated a stock having a fair market value of $ 2,000 to a qualified organization. She acquired the stock 10 years ago for $ 8,000. 4. Donated $ 50 to the Democratic National Political Party. 5. Drove 600 miles in her personal auto directly related to services she performed for her church. 6. Gabby spent 100 hours of volunteer time on # 4 above. She makes $ 25 per hour. How much is Gabby’s charitable contribution deduction? a. $ 11,652b. $ 10,534c. $ 10,484d. $ 4,484e. $ 4,450When Jacob Kohler died unmarried in 2015, he left an estate valued at 7,900,000. His trust directed distribution as follows: $19,000 to the local hospital, $150,000 to his alma mater, and the remainder to his 3 children. Death-related costs and expenses were $15,100 for funeral, $30,000 paid to attorneys, $6,500 paid to accountants, and $35,000 paid to the trustee of his living trust. In addition, debts of $115,000. Calculate the federal estate tax due on his estate.
