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Problem 1 0 - 3 4 ( LO . 6 , 8 ) Ramon had AGI of $ 1 8 0 , 0 0 0

Problem 10-34(LO.6,8)
Ramon had AGI of $180,000 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.
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a. A cash gift of $95,000.
In the current year, Ramon may deduct $fill in the blank c46f77f6f016fa6_1
95,000
since his charitable contribution is limited to $fill in the blank c46f77f6f016fa6_2
108,000
.
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b. A gift of OakCo stock worth $95,000 on the contribution date. Ramon had acquired the stock as an investment two years ago at a cost of $84,000.
The stock's value for determining the contribution is $fill in the blank 2297020cd05afe1_1
95,000
. The deduction for 2024 is $fill in the blank 2297020cd05afe1_2
54,000
. The remaining $fill in the blank 2297020cd05afe1_3
41,000
can be carried forward
for fill in the blank 2297020cd05afe1_5
5
years.
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c. A gift of a painting worth $95,000 that Ramon purchased three years ago for $60,000. 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 6fd6caf8500f00e_1
60,000
. The amount deductible in the current year is $fill in the blank 6fd6caf8500f00e_2
60,000
.
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d. Ramon has decided to make a cash gift to the American Heart Association of $113,000. However, he is considering delaying his gift until 2024 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:
Year PV Factor at 6%
10.9434
30.8396
50.7473
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 2023 rather than delay the gift until 2024.
Total present value of tax savings from the tax deduction if made this year: $fill in the blank f80f65fd9fe403d_1
Total present value of tax savings from the tax deduction if made next year: $fill in the blan f80f65fd9fe403d_2
JUST NEED THE LAST TWO ON PRESENT VALUE, THANKS

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