Problem 10-27 (LO. 2) Ramon had AGI of $180,000 in 2021. 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 a. A cash gift of $95,000 In the current year, Ramon may deduct $ 45,000 since his charitable contribution is limited to $ 45,000 b. A gift of OakCo stock worth $95,000 on the contribution date. Ramon acquired the stock as an Investment two years ago at a cost of $84,000. The stock's value for determining the contribution is $ 7. The deduction for 2021 is $ The remaining $ - for years. 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 $ The amount deductible in the current year is $ d. Ramon has decided to donate cash to the American Heart Association of $113,000. However, he is considering delaying his donation until next year, when his AGI will increase to $300,000 and he will be in the 32% income tax bracket, an increase from his current-year income tax bracket of 24%. Assume a 6% discount rate. The present value factors, at a 6% discount rate, are as follows: 1 Water 0.9434 0.96 0273 45,000 In the current year, Ramon may deduct $ since his charitable contribution is limited to s 45,000 b. A gift of OakCo stock worth $95,000 on the contribution date. Ramon acquired the stock as an Investment two years ago at a cost of $84,000. The stock's value for determining the contribution is $ The deduction for 2021 is $ remaining $ - for The years. 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 $ The amount deductible in the current year is $ d. Ramon has decided to donate cash to the American Heart Association of $113,000. However, he is considering delaying his donation until next year, when his AGI will increase to $300,000 and he will be in the 32% income tax bracket, an increase from his current-year income tax bracket of 24%. Assume a 6% discount rate. The present value factors, at a 6% discount rate, are as follows: 2.943+ 68396 . 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 donation this year rather than delaying the donation 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: $
