Maria donated $80,000 cash to a public charity in 2020.  If Maria's 2020 AGI is $70,000, what is Maria's 2020 itemized deduction resulting from her charitable contribution

Q: Jonathan transferred $90,000 of cash to a trust this year for the benefit of Hannah, age 10. The…

A: Gift tax According to Internal Revenue Service (IRS) gift tax may be applicable to any kind of…

Q: Helga had AGI of $135,000 in 2018. She donated corporate stock with a basis of $28,000 to a…

A: Part (a) Basis = $ 28,000; Fair Value = $ 26,000Period of holding: From June 15, 2017 till April 3,…

Q: Tim and Kate attend St. Peter Roman Catholic Church were they contribute $75 each Sunday by check…

A: Generally , one can deduct contributions made by money or property to a qualified institution. A…

Q: During the current​ year, Madisonreports AGI of $195,000. As part of some estate​ planning, she…

A: During 2019 year, Madison reports AGI = $195000 She donates to Alma mater, Autumn university =…

Q: Drew, 72, is a widower with a gross estate worth $975,000. He is in the highest current marginal…

A: Estate planning refers to a plan that is designed in advance by a person to arrange the allocation…

Q: Roberta was involved in an automobile accident in 2021. Her car was used 60% for business and 40%…

A: Itemized deduction for the casualty loss shall be calculated for business part only.

Q: Patrick has an adjusted gross income of $160,000 in the current year. He donated $30,000 in cash to…

A: A non operating foundation refers to an institution who grants money to other charitable…

Q: Are either or both of these donations deductible?

A: Tax deductible expenses are those expenses which will be deducted from net income for calculation of…

Q: Ramon had AGI of $181,000 in 2022. He is considering making a charitable contribution this year to…

A: Note: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts…

Q: Jenny's personal car was totally destroyed in a hurricane in 2021, the area was declared a Federal…

A: Actually Paid amount: $15,000 AGI: $50,000 We need to compute the value of income which should be…

Q: David Davis died in 2019 and left an estate valued at $13,900,000 after the payment of his debts.…

A: Given : David Davis died in 2019 and left an estate valued at $13,900,000 after the payment of his…

Q: Right before his death from a terminal illness, Shing makes a gift of $690,000 cash to his church-a…

A: Gifts are something which are given to somebody in return of nothing because they are presented in…

Q: What amount of gift tax applicable credit remains available to Norma in 2021?

A: The gift tax is a tax on gifts that must be paid by the taxpayer who gives significant money or…

Q: On December 27, 2019, Roberta purchased four tickets to a charity ball sponsoredby the city of San…

A: Deductions from tax - These are the amount of expense which are allowed to be deducted from the net…

Q: Gwendolyn donates $500 cash to the American Red Cross in 2020.  If Gwendolyn has AGI of $46,000 in…

A: Introduction: Charitable contribution: Giving any monetary values as a donation to the Non profit…

Q: Stewart had adjusted gross income of $22,000 in 2020. During the year, he made the following…

A: Charitable contribution: It is often defined as an amount that is donated by a taxpayer to the…

Q: On December 27, 2021, Roberta purchased four tickets to a charity ball sponsored by the city of San…

A: Answer -  a. Cash basis of accounting -   Roberta can deduct ($200 x 4) - ($35 x 4) = $800 - $140 =…

Q: Q1.  Maria donated $80,000 cash to a public charity in 2020.

A: Ans to Q 1.           As per IRS provisions for public charity for individuals…

Q: Jaylen made a charitable contribution to his church in the current year. He donated common stock…

A: Charitable Contribution ( Upto 60%) Paid ( by cash/ check or charged on credit card) or property…

Q: Ellen, made a cash contribution to a local homeless shelter (a 501(c)(3) charity) in 2022. If Ellen…

A: The annual gross income means the total of the all the incomes that is earned by the taxpayer. The…

Q: For the tax year 2021-22, Arthur had employment income of £110,000. During the tax year 2021-22, he…

A: Lets understand the basics. As per HMRC,  If gift aid donation is made then 125% of the gift aid…

Q: n 2022, Ian and Isabella donated Stock A to a public charity. Stock A had a fair market value of…

A: On December 28, 2020, Consolidated Appropriations Act, 2021 (the CAA) expands the charitable…

Q: Amanda graduated summa cum laude in marketing from State University. As an honor student, she was a…

A: As per IRS if any person wants to contribute as donation it should be qualified charitable donation…

Q: In March of 2019, Thom as makes a $5,000 cash contribution to a public university. In that month,he…

A: A charitable contribution maybe a donation or gift to, or for the utilization of, a professional or…

Q: n 2020, Eric gave $11,000 to his church. He donated $75 to Boy Scouts of America and $125 to the…

A: Provisions : As per the Internal Revenue Service a taxpayer can deduct the amount of charitable…

Q: Barbara donates a painting that she purchased three years ago for $8,000, to a university for…

A: Barbara's charitable contribution deduction for this donation = $8000

Q: Heather makes cash contributions during the current year of $30,000 and donates property worth…

A: Capital gains refer to the profit earned over when a capital asset is being sold more than its…

Q: In 2019, Susan makes the following donations to 50% qualified charitable organizations: Basis Fair…

A: In 2019, Susan's 1. Inventory held for resale in Susan's business = $9000 Fair market value = $32500…

Q: In 2020, Levittson Corp donates land to a recognized charity. The corporation purchased the land…

A: Donations which are made to the qualifying institutions qualify for the tax deductions. Donations…

Q: Peter has adjustedrgross income of $48,000 in the current year. He contributes $27,000 to his church…

A: The donation can be made by the taxpayer and the deduction can also be claimed for the same. The…

Q: Every year, John makes a donation to the United Way. She gave $3,250 in 2020. Calculate her…

A: Donations: Donations are the amounts made to charitable institutions like public trusts,…

Q: Margo receives a gift of real estate with an adjusted basis of $175,000 and a fair market value of…

A: Given data, Adjusted basis =$175,000 Fair market value =$100,000   Margo has generated zero…

Q: Your client is a self proclaimed real estate expert. He and his wife want to contribute of some…

A: Tax is the amount which is to be paid by the taxpayer to the government on the taxable income earned…

Q: Mark Moody has adjusted gross income of $57800 this year. During the year, he gave his church $3300…

A:

Q: Right before his death from a terminal illness, Shing makes a gift of $615,000 cash to his church—a…

A: The gift received by a person is not taxable In the hand of the receiver however the person who…

Q: Right before his death from a terminal illness, Shing makes a gift of $890,000 cash that he had…

A: The concepts are related to this question 1. it has utilized his Lifetime Exemption available. 2. $…

Q: Anne and Stuart are married and will file a joint return. In 2022, they donated $700 in cash to…

A: Standard deduction is the amount which is deducted from the income before calculating the income…

Q: of $4,000,000

A: Gift rupees= $4,000,000.

Q: Nicole is a student at USB Law School; she receives a $52,000 scholarship for 2018. Of the $52,000,…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: In 2019, Barry creates an irrevocable trust for the benefit of his children and grandchildren with…

A: Any asset transferred by a grantor to an irrevocable trusts which are generally not part of the…

Q: Jaylen made a charitable contribution to his church in the current year. He donated common stock…

A: Given that: Donated common stock = $32050 Investment = $16000 AGI = $81000

Q: Kiss Co. donated inventory with an adjusted basis of $50,000 and a $78,000 fair market value to a…

A: Solution:- Given, Kiss Co. donated inventory adjusted basis of $50,000 and a $78,000 fair market…

Q: Ramon had AGI of $180,000 in 2019. He is considering making a charitable contribution this year to…

A: Charitable contribution deductions: These are deductions allowed to the taxpayers by the IRS among…

Q: conjugal property

A: Donation tax is the tax which is charged on the donations given by the donor not by the recipient of…

Q: In 2016, Orville made a taxable gift of $32,000 to his brother Wilber. In 2020 Orville died and his…

A: The gift tax means the tax charged on the gift made to others. The gift tax is charged to the person…

Q: What is the maximum amount they can deduct for charitable contributions in 2021? a.$1,700 b.$2,000…

A: Solution:- Given, Eugene and Linda has adjusted gross income of $30,000 Cash contribution to church…

Q: During the current​ year, Madison reports AGI of $195,000. As part of some estate​ planning, she…

A: a. To taxpayers who itemize their deductions, they are allowed to deduct charitable donations up to…

Q: Arturo, a calendar year taxpayer, paid $20,300 in medical expenses and sustained a $24,360 casualty…

A: Calculate the medical expenses included: Include medical expense are equal to the amount paid in…

Q: Madeline made a cash gift of $30,000 to the American Cancer Society, a qualified public charity.…

A: Solution Concept The charitable contribution made to qualified organization is allowed as deduction…

Q: Peter has adjusted gross income of $48,000 in the current year. He contributes $27,000 to his church…

A: Deductions: Deductions are the certain amount of exemptions provided on the taxpayer's adjusted…