Question
John inherited $ 1,000,000 from a wealthy Uncle in 2018. John has an AGI of $ 60,000. Feeling fortunate, John made the following payments in
John inherited $ 1,000,000 from a wealthy Uncle in 2018. John has an AGI of $ 60,000. Feeling fortunate, John made the following payments in 2015: a. Paid $ 10,000 to the college his Uncle attended. b. Paid $ 7,000 to his church. c. Paid $ 8,500 to the Salvation Army d. Donated used furniture worth $ 1,000, cost of $ 7,000. e. Donated $ 5,000 to a Presidential Campaign f. Donated 100 hours of his time to a qualified charity (John earns $ 40 per hour). g. Incurred $ 300 in out of pocket expenses in (f) above. h. Donated $ 7,500 to a needy family in his home town that was displaced due to a fire destroying their home. i. Donated Google stock to a qualiofied charity. Stock was held for 5 years FMV = $ 50,000, basis is $ 10,000. a. Calculate Johns 2019 charitable contribution deduction. How much un-allowed donation deduction is carried forward to 2020? b. Calculate Johns 2019 charitable donation deduction of the only thing he contributed was item I above. How much un-allowed donation deduction is carried forward to 2020?
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