Question
In February, Tayna made a $15,000 donation to the local hospice. During that same year, Tayna's net income was $22,000, which was $500 lower than
In February, Tayna made a $15,000 donation to the local hospice. During that same year, Tayna's net income was $22,000, which was $500 lower than the prior year. Tayna died in December, and that same month her executor completed an additional $50,000 donation to the same local hospice, as provided for in her will. With regard to the tax consequences of these transactions, which one of the following statements is true? Question 10 options: Between Tayna's prior year and current year income tax returns, the maximum amount of charitable donations that can be claimed is $32,625 Only $44,500 of Tayna's charitable donations will provide tax relief The maximum claim for charitable donations made in the current year is $15,000, while the remaining balance can be carried forward for up to five years The maximum claim that can be made for charitable donations on Tayna's current year's income tax return is $16,500
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