Problem 10-38 (Algorithmic) (LO. 6) Ramon had AGI of $205,000 in 2017. 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 $123,000 In the current year, Ramon's deduction for the cash contribution is . The remaining for years b. A gift of OakCo stock worth $123,000 on the contribution date. Ramon had acquired the stock as an investment two years ago at a cost of $92,250 The stock's value for determining the contribution is The deduction for 2017 is . The remaining for years c. A gift of a painting worth $123,000 that Ramon purchased three years ago for $92,250. 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 d. Ramon has decided to make his $123,000 gift to the American Heart Association in the form of cash. However, he is considering delaying his gift until next year when his AGI will increase to $300,000 and he will be in the 33% income tax bracket, an increase from his current-year income tax bracket of 28% Assume a 6% discount rate. The present value factors, at a 6% discount rate, are as follows: Year PV Factor at 6% 0.9434 0.8396 0.7473 If required, round your final answers to the nearest dollar. Problem 10-38 (Algorithmic) (LO. 6) Ramon had AGI of $205,000 in 2017. 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 $123,000 In the current year, Ramon's deduction for the cash contribution is . The remaining for years b. A gift of OakCo stock worth $123,000 on the contribution date. Ramon had acquired the stock as an investment two years ago at a cost of $92,250 The stock's value for determining the contribution is The deduction for 2017 is . The remaining for years c. A gift of a painting worth $123,000 that Ramon purchased three years ago for $92,250. 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 d. Ramon has decided to make his $123,000 gift to the American Heart Association in the form of cash. However, he is considering delaying his gift until next year when his AGI will increase to $300,000 and he will be in the 33% income tax bracket, an increase from his current-year income tax bracket of 28% Assume a 6% discount rate. The present value factors, at a 6% discount rate, are as follows: Year PV Factor at 6% 0.9434 0.8396 0.7473 If required, round your final answers to the nearest dollar
