Question 22

Y gave 100 shares of Johnson & Johnson stock to a qualified charity. The value of the stock was $35,000 at the time of the gift. Y's basis in the stock was $20,000. Y owned the stock for 6 months when the gift was made. The charity planned to sell the stock in the near future. Y's AGI was $200,000. The allowable deduction for the gift would be:

Group of answer choices

$0

$20,000

The correct answer is not shown

$15,000

$35,000

Question 22a

Y gave a coin collection to the Red Cross, a qualified charity. The Red Cross plans to sell the coins at its annual auction. The FMV of the coins at the time of the give was $15,000. Y paid $5,000 for the coins ten years ago. Y's AGI was $200,000. The allowable deduction for the gift would be:

Group of answer choices

$0

The correct answer is not shown

$10,000

$5,000

$15,000

Question 22b

Y gave an oil painting to ZZZ Museum, a qualified charity. Y held the painting as an investment. The value of the painting at the time of the gift was $50,000. Y purchased the painting several years ago for $20,000. The museum planned to display the painting in one of its exhibits. Y's AGI was $200,000. The allowable deduction for the gift would be:

Group of answer choices

$0

$50,000

The correct answer is not shown

$20,000

$30,000

Question 22c

M is self-employed and has a qualified business office in her home. She would like to use the simplified method to claim allowable expenses related to the business office. The office is 400 sq. ft. and the home is 2,000 sq. ft. Given the information, determine the allowable deduction for the office using the simplified method.

Group of answer choices

The correct answer is not shown

$300

$500

$2,000

$1,500