Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

How do i calculate line 1 2 Ignment ain.do?invoker=assignments&takeAssignmentSessionLocator=assignment-take&inprogress=false Print Item eBook Problem 5-29 Charitable Contributions (LO 5.9) Doran made the following contributions during 2023:

How do i calculate line 12
image text in transcribed

Ignment ain.do?invoker=assignments&takeAssignmentSessionLocator=assignment-take&inprogress=false Print Item eBook Problem 5-29 Charitable Contributions (LO 5.9) Doran made the following contributions during 2023: His synagogue (by check) The Republican Party (by check) The American Red Cross (by credit card) His fraternal organization for tickets to a holiday party $4,600 400 1,000 100 A baseball autographed by hall-of-fame baseball pitcher Sandy 6,500 Koufax (basis $0) donated to a public charity In addition, Doran donated used furniture to the Salvation Army that he purchased years ago for $10,000 with a fair market value of $2,000. Assuming Doran has adjusted gross Income of $26,000, has the necessary written acknowledgments, and itemizes deductions, use the Charitable Contributions Limitations worksheet and the Gifts to Charity portion of Schedule A of Form 1040 from Appendix F to report the itemized deduction for charitable contributions. Enter all amounts as positive numbers. Gifts to Charity Caution: If you made a gift and got a benefit for it, see instructions. Feedback Check My Work 11 Gifts by cash or check. If you made any gift of $250 or more, see instructions.. . 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 . 13 Carryover from prior year 14 Add lines 11 through 13 11 12 13 5,600 2,000 X 14 To encourage individuals to be socially responsible, the Internal Revenue code allows a deduction for charitable contributions. To be deductible, the donation must be made to a qualified recipient as listed in the tax law. The donation must be made in cash or property; the value of free use of the taxpayer's property by the charitable organlzatlon does not qualify. If cash is donated, the deduction is equal to the amount of the cash. For donated property other than cash, the general rule is that the deduction is equal to the fair market value of the property ms at the time of the donation. Check My Work All work saved. Prevjous Next) Email Instructor Save and Exit Submit Assignment for Grading

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Management Accounting And Control

Authors: Don R. Hansen, Maryanne M. Mowen

3rd Edition

0324002327, 978-0324002324

More Books

Students also viewed these Accounting questions

Question

=+b) Is the trend term statistically significant?

Answered: 1 week ago