Elmore Eisner made the following contributions during the current tax year: Cash to United Way $5,000 Land to Boy Scouts to be used as a summer camp: Cost 20,000 Fair market value 30,000 Painting to a 20 percent charity for permanent display in foundation’s public gallery: Cost 5,000 Fair market value 7,000 Cash to individual needy families around town 3,000 Assuming Elmore’s adjusted gross income is $80,000, what is his charitable contribution deduction for the year and carryover? What is the charitable contribution and carryover if the cost and fair market value of the painting are $25,000 and $27,000, respectively?
Elmore Eisner made the following contributions during the current tax year: Cash to United Way $5,000 Land to Boy Scouts to be used as a summer camp: Cost 20,000 Fair market value 30,000 Painting to a 20 percent charity for permanent display in foundation’s public gallery: Cost 5,000 Fair market value 7,000 Cash to individual needy families around town 3,000 Assuming Elmore’s adjusted gross income is $80,000, what is his charitable contribution deduction for the year and carryover? What is the charitable contribution and carryover if the cost and fair market value of the painting are $25,000 and $27,000, respectively?
Chapter10: Deduct Ions And Losses: Certain Itemized Deduct Ions
Section: Chapter Questions
Problem 32P
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Question
Elmore Eisner made the following contributions during the current tax year:
|
Cash to United Way |
$5,000 |
|
Land to Boy Scouts to be used as a summer camp: |
|
|
Cost |
20,000 |
|
Fair market value |
30,000 |
|
Painting to a 20 percent charity for permanent display in foundation’s public gallery: |
|
|
Cost |
5,000 |
|
Fair market value |
7,000 |
|
Cash to individual needy families around town |
3,000 |
- Assuming Elmore’s adjusted gross income is $80,000, what is his charitable contribution deduction for the year and carryover?
- What is the charitable contribution and carryover if the cost and fair market value of the painting are $25,000 and $27,000, respectively?
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT