Question
James, an unmarried taxpayer, qualifies to itemize in 2020. Jamess adjusted gross income was $35,000.00 in 2020. In 2020 he made a $400.00 donation to
James, an unmarried taxpayer, qualifies to itemize in 2020. James’s adjusted gross income was $35,000.00 in 2020. In 2020 he made a $400.00 donation to a needy family. In 2020, he also donated stock valued at $3,000.00 to her church. What is James’s charitable deduction on his 2020 income tax return?
Group of answer choices
$2,000.00
$400.00
$3,400.00
$3,000.00
Step by Step Solution
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Step: 1
Charitable donations to individuals no matter how worthy are not deductible the organiza...
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Public Finance A Contemporary Application of Theory to Policy
Authors: David N Hyman
11th edition
9781305474253, 1285173953, 1305474252, 978-1285173955
