Question
Mr. Jones made the following charitable contributions during the year: Cash to his Church FMV $15,000 LTCG Stock to UTC FMV 100,000 Basis 20000 Land
Mr. Jones made the following charitable contributions during the year:
| Cash to his Church | FMV | $15,000 |
| LTCG Stock to UTC | FMV | 100,000 |
| Basis | 20000 | |
| Land to Private Nonoperating Foundation | FMV | 90,000 |
| Basis | 65,000 |
Assuming MR. Jones has AGI of $300,000, calculate his total charitable contribution deduction and carryover. Put answer in the text box and SHOW ALL WORK.
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Accounting Tools For Business Decision Making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
4th Edition
0470534788, 978-0470534786
