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please someone help with D thank you Ramon had AGI of $145,000 in 2023 . He is considering making a charitable contribution this year to
please someone help with D thank you
Ramon had AGI of $145,000 in 2023 . He is considering making a charitable contribution this year to the American Heart Association, a qualified charitable organization. Determine the current allowable charitable contribution deduction in each of the following independent situations, and indicate the treatment for any amount that is not deductible currently. Identify any planning ideas to minimize Ramon's tax liability. a. A cash gift of $72,500. In the current year, Ramon may deduct 5 since his charitable contribution is limited to $ Fenoback T CheckMy Work A charitable contribution is defined as a gift made to a qualified organization. The potential charitable contribution deduction is the total of all donations, both money and property, that qualify for the deduction. b. A gift of OakCo stock worth $72,500 on the contribution date. Ramon had acquired the stock as an investment two years ago at a cost of $65,250. The stock's value for determining the contribution is 1 V. The deduction for 2023 is 1 . The remaining years. c. A gift of a painting worth $72,500 that Ramon purchased three years ago for $65,250. The charity has indicated that it would sell the painting to generate cash to fund medical research. The contribution is valued at . The amount deductible in the current year is $ Feedback Chock My Work Correct d. Ramon has decided to make a cash gift to the American Heart Association of \$101,500. However, he is considering delaying his gift until the following year when his AGI will increase to $300,000 and he will be in the 32% income tax bracket, an increase from his 2023 income tax bracket of 24%. Assume a 6% discount rate. The present value factors, at a 6% discount rate, are as follows: If required, round your final answers to the nearest dollar. Ramon asks vou to determine the tax savinas from the tax deduction in oresent value terms if he were to make the aift this vear. rather d. Ramon has decided to make a cash gift to the American Heart Association of $101,500. However, he is considering delaying his gift until the following year when his AGI will increase to $300,000 and he will be in the 32% income tax bracket, an increase from his 2023 income tax bracket of 24%. Assume a 6% discount rate. The present value factors, at a 6% discount rate, are as follows: If required, round your final answers to the nearest dollar. Ramon asks you to determine the tax savings from the tax deduction in present value terms if he were to make the gift this year, rather than delay the gift until next year. Total present value of tax savings from the tax deduction if made this year: $ Total present value of tax savings from the tax deduction if made next year: 4 Fendback Check My Wonk Step by Step Solution
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