ue rulings, and/or case(s) that you used in making your determination. Would Fred be able to claim $320 charitable deduction? This year Fred Brown’s church had a raffle for a flat-screen TV at their annual fundraiser. Fred attended and purchased twenty $1 raffle tickets and wrote a check for $300 to the church. Fred plans on claiming $320 for a charitable deduction to his chur

ue rulings, and/or case(s) that you used in making your determination. Would Fred be able to claim $320 charitable deduction? This year Fred Brown’s church had a raffle for a flat-screen TV at their annual fundraiser. Fred attended and purchased twenty $1 raffle tickets and wrote a check for $300 to the church. Fred plans on claiming $320 for a charitable deduction to his chur

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter10: Deduct Ions And Losses: Certain Itemized Deduct Ions

Section: Chapter Questions

Problem 35P

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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.
On December 27, 2019, Roberta purchased four tickets to a charity ball sponsoredby 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 thepurchase, Roberta gave the tickets to the minister of her church for personal use byhis family. At the time of the gift of the tickets, Roberta pledged $4,000 to the buildingfund 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 muchcan she deduct as a charitable contribution for 2019?b. Would the amount of the deduction be any different if Roberta was an accrualbasis taxpayer? Explain.
Tim receives a $25,000 gift from his parents for a down payment on a house. They know he cannot buy a house without their help. They write “gift” in the memo line of the check. How much of the gift is taxable to Tim? In your response, please make sure to take all of the facts above into consideration. You can refer back to the text, lecture videos, and the IRS website. Please make sure to support whatever conclusion you decide to present.
On December 27, 2021, 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, 2021, but not mailed until January 3, 2022. If an amount is zero, enter "0". a. Presuming Roberta is a cash basis and calendar year taxpayer, she can deduct $ for the tickets and $ for the pledge as a charitable contribution for 2021. b. Would the amount of the deduction be any different if Roberta were an accrual basis taxpayer? If Roberta is an accrual basis and calendar year taxpayer, she can deduct $ for the tickets and for the pledge as a charitable contribution for 2021.
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 $ 8,800 $ 60,000 State Museum Antique painting 6,900 4,140 A needy family Food and clothes 780 470 United Way Cash 46,000 46,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. (Leave no answer blank. Enter zero if applicable.) d. Calvin’s AGI is $290,000 and Hobbs is a private nonoperating foundation.
What is the Schedule A deduction for charitable contributions? On May 14 of the current year, Paul contributed clothing to the Salvation Army. The original cost of the clothing was $740. He has substantiation valuing the donation at $360. In addition, he made the following cash contributions and received a statement from each of the following organizations acknowledging his contribution: Larkin College $800 United Way 152 First Methodist Church 790 Amos House (homeless shelter) 200 Local Chamber of Commerce 100 All of the above entities are nonprofit corporations and §501( c)(3) organizations except the Chamber of Commerce which is not a §501( c)(3) organization. Clothing to the Salvation Army Larkin College United Way First Methodist Church Amos House (homeless shelter) Local Chamber of Commerce Clothing to the Salvation Army Larkin College United Way First…
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
As a favor to a long-time client who is a drama professor at a local university, Ale-jandra spent a weekend as a stylist for the principal actors in the annual Theater Department fund-raising event. The drama professor provided all the resources that Alejandra needed to provide her services. She estimates she would have charged $800 for the services she donated to this charitable event. WOULD YOU NEED TO FILE THE ABOVE INFORMATION IN A TAX RETURN IF SO IN WHAT SUPPORTING FORMS?
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. Q: How much is Charitable contribution deduction? How mush is Carryover?
Calvin reviewed his cancelled 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 $ 7,000 $ 42,000 State Museum Antique painting 6,000 3,600 A needy family Food and clothes 600 360 United Way Cash 28,000 28,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. (Leave no answer blank. Enter zero if applicable.) d. Calvin’s AGI is $200,000 and Hobbs is a nonoperating private foundation. e. Calvin’s AGI is $200,000 but the painting is worth $70,000.
Your clients’ religious faith moves them to send their kids to a religious private school, and they pay $15,000 per year per kid to do so. Of course now they’re sitting across the desk from you, their CPA, asking how much of that total they can deduct on Schedule A as a charitable contribution. Important (???): By way of prefacing this loaded question, your clients inform you in no uncertain terms that they know “some Catholic people” who send their kids to Catholic school and “they don’t pay any tuition at all except for what they drop into the collection plate each week, and they deduct every penny of that on their tax returns every year, which we know for a fact because they had a couple of beers at a neighborhood block party and then started bragging about it!” All of this duly and soberly considered, your advice to these clients? Note: Assume, if relevant, that half of each school day is devoted to general studies, the other half to religious studies.
Determine the total amount that will qualify for itemized deduction by the taxpayer. Ron's AGI was $14,750. This year he gave $100 each month to public charities. In August, Ron bought $250 of raffle tickets at his church's annual benefit fair (unfortunately, he did not win any of the really great prizes!). He also gave workable old appliances worth $450 to the American Red Cross Hurricane Relief Fund during the year.