Determine the amount of the charitable deduction (with-out regard to percentage limitations) allowed in each of...
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Determine the amount of the charitable deduction (with-out regard to percentage limitations) allowed in each of the following situations: a) Rent-free use of building for three months allowed for the United Way fund drive. The building normally rents for $900 per month, and the owner paid $1,100 for utilities during this period. b) Gift of General Motors stock valued at $9,000 to State University. Taxpayer purchased the stock five months ago for $11,000. c) Donation of stamp collection valued at $4,000 to local museum for display to the general public. Taxpayer had paid $1,000 for the stamps many years ago. d) Gift of paintings to local hospital to be placed on the walls of a remodeled floor. The paintings were painted by the donor and were appraised at $20,000. e) Donation of Civil War relics to American Heart Association to be sold at its current fund-raising auction. Taxpayer paid $1,000 for the relics ten years ago, and an expert appraiser valued them at $7,000 on the day of the gift. Determine the amount of the charitable deduction (with-out regard to percentage limitations) allowed in each of the following situations: a) Rent-free use of building for three months allowed for the United Way fund drive. The building normally rents for $900 per month, and the owner paid $1,100 for utilities during this period. b) Gift of General Motors stock valued at $9,000 to State University. Taxpayer purchased the stock five months ago for $11,000. c) Donation of stamp collection valued at $4,000 to local museum for display to the general public. Taxpayer had paid $1,000 for the stamps many years ago. d) Gift of paintings to local hospital to be placed on the walls of a remodeled floor. The paintings were painted by the donor and were appraised at $20,000. e) Donation of Civil War relics to American Heart Association to be sold at its current fund-raising auction. Taxpayer paid $1,000 for the relics ten years ago, and an expert appraiser valued them at $7,000 on the day of the gift.
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a The amount of the charitable deduction allowed would be 900 per month ... View the full answer
Related Book For
South Western Federal Taxation 2015 Essentials Of Taxation Individuals And Business Entities
ISBN: 9781285438290
18th Edition
Authors: James Smith, William Raabe, David Maloney, James Young
Posted Date:
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