Question
William, a high school teacher, earns about $50,000 each year. In December 2021, he won $1,000,000 in the state lottery. William plans to donate $100,000
William, a high school teacher, earns about $50,000 each year. In December 2021, he won $1,000,000 in the state lottery. William plans to donate $100,000 to his church. He has asked you, his tax advisor, whether he should donate the $100,000 in 2021 or 2022.
- If William donates $100,000 in 2021, how much can he deduct?
- If William donates $100,000 in 2022, how much can he deduct?
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Intermediate Accounting Reporting and Analysis
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
2nd edition
9781305727557, 1285453824, 9781337116619, 130572755X, 978-1285453828
