William, a high school teacher, earns about $50,000 each year. In December 2022, he won $1,000,000 in the state lottery. William plans to donate $100,000 to his church. He has asked you, his tax advisor, whether he should donate the $100,000 in 2022 or 2023. Identify and discuss the tax issues related to William's decision. How do you find this calculation?
William, a high school teacher, earns about $50,000 each year. In December 2022, he won $1,000,000 in the state lottery. William plans to donate $100,000 to his church. He has asked you, his tax advisor, whether he should donate the $100,000 in 2022 or 2023. Identify and discuss the tax issues related to William's decision. How do you find this calculation?
Chapter10: Deduct Ions And Losses: Certain Itemized Deduct Ions
Section: Chapter Questions
Problem 14DQ
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Transcribed Image Text:William, a high school teacher, earns about $50,000
each year. In December 2022, he won $1,000,000 in
the state lottery. William plans to donate $100,000 to
his church. He has asked you, his tax advisor, whether
he should donate the $100,000 in 2022 or 2023.
Identify and discuss the tax issues related to William's
decision.
How do you find this calculation?
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