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Problem 1 0 - 3 4 ( LO . 6 , 8 ) Ramon had AGI of $ 1 8 0 , 0 0 0
Problem LO Ramon had AGI of $ in 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. Question Content Area a A cash gift of $ In the current year, Ramon may deduct $fill in the blank eafc since his charitable contribution is limited to $fill in the blank eafc Question Content Area b A gift of OakCo stock worth $ on the contribution date. Ramon had acquired the stock as an investment two years ago at a cost of $ The stock's value for determining the contribution is $fill in the blank ffaf The deduction for is $fill in the blank ffaf The remaining $fill in the blank ffaf can be carried forward for fill in the blank ffaf years. Question Content Area c A gift of a painting worth $ that Ramon purchased three years ago for $ The charity has indicated that it would sell the painting to generate cash to fund medical research. The contribution is valued at $fill in the blank ccfcf The amount deductible in the current year is $fill in the blank ccfcf Question Content Area d Ramon has decided to make a cash gift to the American Heart Association of $ However, he is considering delaying his gift until when his AGI will increase to $ and he will be in the income tax bracket, an increase from his income tax bracket of Assume a discount rate. The present value factors, at a discount rate, are as follows: Year PV Factor at 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 in rather than delay the gift until Total present value of tax savings from the tax deduction if made this year: $fill in the blank cddc Total present value of tax savings from the tax deduction if made next year: $fill in the blank cddc Check My Work more Check My Work uses remaining.
Problem LO
Ramon had AGI of $ in 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.
Question Content Area
a A cash gift of $
In the current year, Ramon may deduct $fill in the blank eafc
since his charitable contribution is limited to $fill in the blank eafc
Question Content Area
b A gift of OakCo stock worth $ on the contribution date. Ramon had acquired the stock as an investment two years ago at a cost of $
The stock's value for determining the contribution is $fill in the blank ffaf
The deduction for is $fill in the blank ffaf
The remaining $fill in the blank ffaf
can be carried forward
for fill in the blank ffaf
years.
Question Content Area
c A gift of a painting worth $ that Ramon purchased three years ago for $ The charity has indicated that it would sell the painting to generate cash to fund medical research.
The contribution is valued at $fill in the blank ccfcf
The amount deductible in the current year is $fill in the blank ccfcf
Question Content Area
d Ramon has decided to make a cash gift to the American Heart Association of $ However, he is considering delaying his gift until when his AGI will increase to $ and he will be in the income tax bracket, an increase from his income tax bracket of
Assume a discount rate. The present value factors, at a discount rate, are as follows:
Year PV Factor at
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 in rather than delay the gift until
Total present value of tax savings from the tax deduction if made this year: $fill in the blank cddc
Total present value of tax savings from the tax deduction if made next year: $fill in the blank cddc
Check My Work more Check My Work uses remaining.
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