Jerry made the following contributions during 2022: His synagogue (by check) The Republican Party (by check) $4,500 400 The American Red Cross (by check) 1,000 His fraternal organization for tickets to a holiday party 100 6,000 A baseball autographed by hall-of-fame baseball pitcher Sandy Koufax (basis $0) donated to a public charity In addition, Jerry donated used furniture to the Salvation Army that he purchased years ago for $10,000 with a fair market value of $2,000. Assume Jerry has adjusted gross income of $25,000, has the necessary written acknowledgments, and he itemizes his deductions. Complete the Gifts to Charity section of Schedule A below to show Jerry's deduction for 2022. Enter all amounts as positive numbers. Gifts to Charity 11 Gifts by cash or check. If you made any gift of $250 or more, see instructions. 11 5,500 Caution: If you made a 12 Other than by cash or check. If you made any gift of $250 or more, see instructions. You must attach Form 8283 if over $500. gift and got a benefit for it, see instructions. 13 Carryover from prior year. 14 Add lines 11 through 13 12 6,100 X 13 14 11,600 X

Jerry made the following contributions during 2022: His synagogue (by check) The Republican Party (by check) $4,500 400 The American Red Cross (by check) 1,000 His fraternal organization for tickets to a holiday party 100 6,000 A baseball autographed by hall-of-fame baseball pitcher Sandy Koufax (basis $0) donated to a public charity In addition, Jerry donated used furniture to the Salvation Army that he purchased years ago for $10,000 with a fair market value of $2,000. Assume Jerry has adjusted gross income of $25,000, has the necessary written acknowledgments, and he itemizes his deductions. Complete the Gifts to Charity section of Schedule A below to show Jerry's deduction for 2022. Enter all amounts as positive numbers. Gifts to Charity 11 Gifts by cash or check. If you made any gift of $250 or more, see instructions. 11 5,500 Caution: If you made a 12 Other than by cash or check. If you made any gift of $250 or more, see instructions. You must attach Form 8283 if over $500. gift and got a benefit for it, see instructions. 13 Carryover from prior year. 14 Add lines 11 through 13 12 6,100 X 13 14 11,600 X

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter10: Deductions And Losses: Certain Itemized Deductions

Section: Chapter Questions

Problem 32P

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Kristin has written acknowledgments for each of the following charitable contributions during the current year: Cash contributions to her church $1,400 Contribution of used clothes and household items in good condition to Goodwill, valued at thrift shop prices (original cost, $1,200) $250 Kristin's estimate of the value of her time donated to a local animal shelter $1,500 Cash donated to homeless people asking for money for food $95 What is Kristin's charitable contribution deduction for the current year?
Required information [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 Hobbs Medical Center State Museum A needy family United Way c. Calvin's AGI is $104,000. Item IBM stock Antique painting Food and clothes Cash Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Note: Leave no answer blank. Enter zero if applicable. Charitable contribution deduction Carryover Answer is complete but not entirely correct. Cost $ 7,200 6,100 620 30,000 $ $ 61,200 X 23,200 X FMV $ 44,000 3,660 / 370 30,000
n 2020, Eric gave $11,000 to his church. He donated $75 to Boy Scouts of America and $125 to the Mexican Red Cross. Eric gave the Salvation Army used clothes in good condition worth $150 (original cost $1,700). Eric donated $500 to Rhode Island State University (his alma mater) for the right to buy season tickets to the Fightin' Nutmeggers basketball games. Eric's adjusted gross income is $21,000. Use the Gifts to Charity section of Schedule A below to report Eric's deduction for the current year. Enter all amounts as positive numbers. If your answer is zero, enter "0". Gifts to CharityCaution: If you made a gift and got a benefit for it, see instructions. 11 Gifts by cash or check. If you made any gift of $250 or more, see instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 fill in the blank 1 12 Other than by cash or check. If you made any gift of $250 or more, see instructions. You must attach Form 8283 if over $500 . . . . . . 12…
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…
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Calvin reviewed his canceled checks and receipts this year (2022) 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 $ 7,800 $ 50,000 State Museum Antique painting 6,400 3,840 A needy family Food and clothes 680 410 United Way Cash 36,000 36,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Calvin's AGI is $240,000.
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 Hobbs Medical Center IBM stock State Museum A needy family Antique painting United Way Food and clothes Cash Cost $ 8,400 6,700 740 42,000 FMV $ 56,000 4,020 440 42,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Note: Leave no answer blank. Enter zero if applicable.. e. Calvin's AGI is $270,000, but the painting is worth $112,000. Charitable contribution deduction Carryover
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 Hobbs Medical Center State Museum A needy family United Way a. Calvin's AGI is $330,000. Item IBM stock Antique painting Food and clothes Cash Charitable contribution deduction Carryover Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Note: Leave no answer blank. Enter zero if applicable. Cost $ 9,600 7,300 860 54,000 0 FMV $ 68,000 4,380 520 54,000
Required information [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 Hobbs Medical Center State Museum A needy family United Way Item IBM stock Antique painting Food and clothes Cash Cost $ 7,200 6,100 620 30,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Note: Leave no answer blank. Enter zero if applicable. Charitable contribution deduction Carryover FMV $ 44,000 3,660 370 30,000 d. Calvin's AGI is $210,000 and Hobbs is a private nonoperating foundation. Answer is complete but not entirely correct. $ 33,660 X 0
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…
Calvin reviewed his canceled 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 Cost FMV Hobbs Medical Center IBM stock $ 9,400 $ 66,000 State Museum Antique painting 7,200 4,320 A needy family Food and clothes 840 500 United Way Cash 52,000 52,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. (Leave no answer blank. Enter zero if applicable.) Calvin’s AGI is $320,000, but the painting is worth $142,000. what is the following: Charitable contribution deduction Carryover
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