Question
Ray Ray made the following contributions in 2021. Charity Property Cost FMV Athens Academy School Cash $ 6,650 $ 6,650 United Way Cash 7,900 7,900
Ray Ray made the following contributions in 2021.
| Charity | Property | Cost | FMV |
|---|---|---|---|
| Athens Academy School | Cash | $ 6,650 | $ 6,650 |
| United Way | Cash | 7,900 | 7,900 |
| American Heart Association | Antique painting | 14,650 | 73,250 |
| First Methodist Church | Coca-Cola stock | 15,550 | 23,325 |
Determine the maximum amount of charitable deduction for each of these contributions ignoring the AGI ceiling on charitable contributions and assuming that the American Heart Association plans to sell the antique painting to fund its operations. Ray Ray has owned the painting and Coca-Cola stock since 1990.
A. Cash Contributions :
B. Property Donations :
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Using Financial Accounting Information The Alternative to Debits and Credits
Authors: Gary A. Porter, Curtis L. Norton
8th edition
1111534918, 978-1111534912
