Question
Ray Ray made the following contributions this year. Charity Property Cost FMV United Way Cash 7,863 7,863 American Heart Association Pepsi stock 11,049 12,732 First
Ray Ray made the following contributions this year.
| Charity | Property | Cost | FMV | |
| United Way | Cash |
| 7,863 | 7,863 |
| American Heart Association | Pepsi stock |
| 11,049 | 12,732 |
| First Methodist Church | Antique painting |
| 4,896 | 5,629 |
|
| ||||
American Heart Association plans to sell the stock to fund its operations. First Methodist Church intends to display the antique painting. Ray Ray has owned the painting and Coca-Cola stock since 1990.
What is the maximum amount of charitable deduction for each of these contributions ignoring the AGI ceiling on charitable contributions?
- Ray Ray made the following contributions this year.
| Charity | Property | Cost | FMV | |
| United Way | Cash |
| 7,881 | 7,881 |
| American Heart Association | Pepsi stock |
| 10,590 | 13,128 |
| First Methodist Church | Antique painting |
| 4,799 | 5,679 |
|
| ||||
American Heart Association plans to sell the stock to fund its operations. First Methodist Church intends to sell the antique painting. Ray Ray has owned the painting and Coca-Cola stock since 1990. What is the total amount of charitable contributions subject to the 30% of AGI ceiling?
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Microfinance
Authors: Gianfranco A. Vento, Mario La Torre
4th Edition
1403997896, 9781403997890
