AMIS 3400 CHAPTER 10 - CHARITABLE CONTRIBUTIONS 1. During the year (2019), Donald made the following contributions to a qualified public charity Cash Stock in Apprentice, Inc. $160,000 $140,000 Donald acquired the stock as an investment five years ago at a cost of $60,000. Donald's AGI is $400,000 a. What is Donald's charitable contribution deduction? b. What happens to the portion of the contribution that is not deductible this year? 2. During the year (2019), Hillary made the following contributions to a qualified public charity: e Cash Stock in ABC Co. $50,000 $140,000 foi de petril hadd 0 Hillary acquired the stock as an investment five years ago at a cost of $120,000. Hillary's AGI is $300,000. a. What is Hillary's charitable contribution deduction? b. What happens to the portion of the contribution that is not deductible this year? c. What is Hillary's charitable contribution deduction if she elects to use her adjusted basis as her deduction amount? b. What happens to the portion of the contribution that is not deductible this year? 2. During the year (2019), Hillary made the following contributions to a qualified public charity: Cash Stock in ABC CO. $50,000 $140,000 Hillary acquired the stock as an investment five years ago at a cost of $120,000. Hillary's AGI is $300,000. a. What is Hillary's charitable contribution deduction? b. What happens to the portion of the contribution that is not deductible this year? c. What is Hillary's charitable contribution deduction if she elects to use her adjusted basis as her deduction amount? AMIS 3400 Chapter 7 - Casualty Losses In 2019, Wally, a self-employed individual, had the following insured casualty losses arising from one casualty). Wally had AGI of $50,000 for the year. The casualty resulted in the area being designated as a Federally designated disaster area. Asset Adjusted Basis $9,200 3,000 3,700 Fair Market Value Before After $8,000 $1,000 4,000 -0- 1,900 Insurance Recovery $2,000 500 800 a) Assume the property listed above is used in his self-employed business. What is the amount of Wally's casualty loss deduction? What type of deduction is this? b) Assume the property listed above is personal-use property. What is the amount of Wally's casualty loss deduction? What type of deduction is this