the Jones Foundation is a private nonoperating foundation and Latrell's AGI is $100,000 this year. You may assume that the stock has been owned for 10 years.
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- Ray Ray made the following contributions in 2023. Charity Athens Academy School United Way American Heart Association First Methodist Church Cash Cash Cash contributions Property donations Property Antique painting Coca-Cola stock Maximum Amount Cost $ 8,050 5,850 15,300 15,250 FMV $ 8,050 5,850 Determine the maximum amount of charitable deduction for each of these contributions ignoring the AGI ceiling on charitable contributions and assuming that the American Heart Association plans to sell the antique painting to fund its operations. Ray Ray has owned the painting and Coca-Cola stock since 1990. 76,500 22,875Ray Ray made the following contributions in 2021. Charity Property Cost FMV $ 5,000 Athens Academy School United Way $ 5,000 4,000 15,000 Cash Cash 4,000 75,000 20,000 American Heart Association Antique painting First Methodist Church Coca-Cola stock 12,000 Determine the maximum amount of charitable deduction for each of these contributions ignoring the AGI ceiling on charitable contributions and assuming that the American Heart Association plans to sell the antique painting to fund its operations. Ray Ray has owned the painting and Coca-Cola stock since 1990. Maximum Amount Cash contributions Property donationsRamon had AGI of $180,000 in 2019. He is considering making acharitable contribution this year to the American Heart Association, aqualified charitable organization. Determine the current allowablecharitable contribution deduction in each of the following independentsituations, and indicate the treatment for any amount that is notdeductible currently. Identify any planning ideas to minimize Ramon'stax liability. a. A cash gift of $95,000.b. A gift of OakCo stock worth $95,000 on the contribution date.Ramon had acquired the stock as an investment two years ago at acost of $84,000.C. A gift of a painting worth $95,000 that Ramon purchased threeyears ago for $60,000. The charity has indicated that it would sellthe painting to generate cash to fund medical research.d. Ramon has decided to make a cash gift to the American HeartAssociation of $113,000. However, he is considering delaying hisgift until next year when his AGI will increase to $300,000 and hewill be in the 32% income tax…
- 2. Curtis had AGI of $150,000 in 2022. He donated a painting to the American Heart Association, a qualified charitable organization. The fair market value of the painting is $65,000, and Curtis purchased it three years ago for $50,000. The charity indicated that it would sell the painting to generate cash to fund medical research. Determine the amount of charitable contribution deduction for 2022. a) $75,000. b) $50,000. c) $65,000. d) $45,000.Bonnie’s charitable contributions and AGI for the four-year period are as follows: 2022 2023 2024 2025 AGI $50,000 $60,000 $58,000 $60,000 Contributions subject to the 60% limitation 40,000 39,000 25,000 10,000 What is the amount of the charitable deduction for each year and the order in which the deduction and carryovers are used?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 2023: Charity Property Cost FMV State University Cash $15,000 $15,000 Red Cross Cash 14,500 14,500 5,000 82,000 28,000 17,000 State History Museum City Medical Center Dell Stock Antique painting 1. Determine the maximum amount of charitable deduction for each of these contributions ignoring the AGI ceiling on charitable contributions. 2. Assume that Dean's AGI this year is $150,000. Determine Dean's itemized deduction for his charitable contributions this year and any carryover.
- Morrissey donated stock (a capital asset) to a public charity. He purchased the stock three years ago for $100,000. On the date of the gift, the stock had a fair market value of $200,000. What is Morrissey's maximum charitable contribution deduction for the year related to this stock if his AGI is $500,000? Select one: O A $250,000 OB. $150,000 OC. $100,000 OD. $200,000the following recipients: Charity State University Red Cross State History Museum City Medical Center Cash Cash Deduction Carryover Property Antique painting Dell stock Cost FMV $15,000 $15,000 14,500 82,000 17,000 14,500 5,000 28,000 b. Assume that Dean's AGI this year is $150,000. Determine Dean's itemized deduction for his charitable contributions this ye any carryover.In 2018, the Board of Trustees of Ayala Foundation designated an amount of current funds for college scholarships. Also in 2018, the foundation received a bequest of P315,000 P 208,000 of its from an estate of a benefactor who specified that the bequest was to be used for hiring teachers to tutor handicapped students. What amount should be accounted for as current unrestricted funds?
- In 2022, LAA Incorporated made a charitable donation of $100,000 to the Trevor Project (a qualifying charity). For the year, LAA reported taxable income of $550,000, which included a $100,000 charitable contribution deduction (before limitation) and a $50,000 dividends-received deduction. What is LAA Incorporated's charitable contribution deduction for 2022? Assume the charitable donation is not a qualified contribution because LAA Incorporated did not make the necessary election. Charitable contribution deduction for 2022In 2022, OCC Corporation made a charitable donation of $400,000 to the International Rescue Committee (a qualifying charity). For the year, OCC reported taxable income of $1,500,000 before deducting any charitable contributions, before deducting its $20,000 dividends-received deduction, and before deducting its $40,000 NOL carryover from last year. Required: a. What amount of the $400,000 donation is OCC allowed to deduct for tax purposes in 2022, what is the carryover to 2023, and when does the carryover expire? b. Assume that in 2023, OCC did not make any charitable donations and that it is allowed to deduct its full charitable contribution carryover, if any, from 2022. What book-tax difference associated with the charitable contributions will OCC report in 2023? Is the difference favorable or unfavorable? Is it permanent or temporary? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B What amount of…In 2022, OCC Corporation made a charitable donation of $400,000 to the International Rescue Committee (a qualifying charity). For the year, OCC reported taxable income of $1,500,000 before deducting any charitable contributions, before deducting its $20,000 dividends-received deduction, and before deducting its $40,000 NOL carryover from last year. Required: a. What amount of the $400,000 donation is OCC, allowed to deduct for tax purposes in 2022, what is the carryover to 2023, and when does the carryover expire? b. Assume that in 2023, OCC did not make any charitable donations and that it is allowed to deduct its full charitable contribution carryover, if any, from 2022. What book-tax difference associated with the charitable contributions will OCC report in 2023? Is the difference favorable or unfavorable? Is it permanent or temporary? Complete this question by entering your answers in the tabs below. Required A Required B What amount of the $400,000 donation is OCC allowed to…
