Question
In 2018 Zeus and Zilly made the following contributions to the following organizations. Charity Property Cost FMV Goodwill Clothes and misc. household items (several years
In 2018 Zeus and Zilly made the following contributions to the following organizations.
| Charity | Property | Cost | FMV |
|
|
|
|
|
| Goodwill | Clothes and misc. household items (several years old) | $9,700 | $2,350 |
| Historical Museum | Coin Collection | $12,500 | $89,700 |
| Zeus and Zillys best friend whose house burned down |
Cash |
$2,500 |
$2,500 |
| UNICEF organization | Cash | $10,500 | $10,500 |
| Toys for Tots | New toys | $1,500 | $1,500 |
| Beaumont Hospital | Rigor stock | $9,000 | $4,000 |
| Walker State University | Exxon Mobil Stock (held 5 years) | $14,500 | $42,800 |
| Minor State University | Cash | $35,000 | $35,000 |
Determine the maximum amount of charitable deduction for each of these contributions ignoring any AGI ceiling on charitable contributions and assuming that the Historical Museum plans to display the coin collection in the museum. Assume Zeus and Zillys AGI is 200,000.
Category | Amount |
|
|
|
|
|
|
|
|
Determine the maximum amount of charitable deduction for each of these contributions ignoring any AGI ceiling on charitable contributions and assuming that the Historical Museum plans to display the coin collection in the museum. Assume Zeus and Zillys AGI is 350,000.
Category | Amount |
|
|
|
|
|
|
|
|
Determine Zeus and Zillys maximum deductible charitable contribution (and any carryover) assuming their AGI is $200,000.
Category | Amount |
|
|
|
|
|
|
|
|
Carryover |
|
Determine Zeus and Zillys maximum deductible charitable contribution (and any carryover) assuming their AGI is $350,000.
Category | Amount |
|
|
|
|
|
|
|
|
Carryover |
|
Show Work
.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started