LO.2 Sanchez incurred the following items. Business income $80,000 Tax-exempt interest income 40,000 Payment to charity from

Question:

LO.2 Sanchez incurred the following items.

Business income $80,000 Tax-exempt interest income 40,000 Payment to charity from 2012 income, paid 3/1/2013 20,000 Complete the following chart, indicating the charitable contributions deduction under the various assumptions.

Assumption 2012 Deduction for Contribution Sanchez is a cash basis individual.

Sanchez is an accrual basis corporation.

Sanchez is a trust.

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