Cash contribution of 4,000 to the Accounting Society (a charity) Purchase of art object at an...

 

Transcribed Image Text:

Cash contribution of 4,000 to the Accounting Society (a charity) Purchase of art object at an Accounting Society Charitable event for $1,200 (FMV $800) Donation of 3-year-old clothing (basis 800; FMV 600) to the Salvation Army. What is the maximum amount Oscar can claim as a charitable deduction for charitable contributions in the current year (assuming other deductions that would let him itemize)? 60,000x, 3= cap limit Charity. Cash contribution of 4,000 to the Accounting Society (a charity) Purchase of art object at an Accounting Society Charitable event for $1,200 (FMV $800) Donation of 3-year-old clothing (basis 800; FMV 600) to the Salvation Army. What is the maximum amount Oscar can claim as a charitable deduction for charitable contributions in the current year (assuming other deductions that would let him itemize)? 60,000x, 3= cap limit Charity.

Answer rating: 100% (QA)

To calculate the maximum amount Oscar can claim as a charitable deduction for charitable contributio... View the full answer