Elmore Eisner made the following contributions during the current tax year: a. Assuming Elmores adjusted gross income

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Elmore Eisner made the following contributions during the current tax year:

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a. Assuming Elmore’s adjusted gross income is $80,000, what is his charitable contribution deduction for the year and carryover?

b. What is the charitable contribution and carryover if the cost and fair market value of the painting are $25,000 and $27,000, respectively?

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CCH Federal Taxation Basic Principles 2020

ISBN: 9780808051787

2020 Edition

Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback

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Question Posted: Feb 18, 2024 08:33 AM

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Elmore Eisner made the following contributions during the current tax year: a. Assuming Elmores adjusted gross income

Question:

Cash to United Way Land to Boy Scouts to be used as a summer camp: Cost Fair market value Painting to a 20 percent charity for permanent display in foundation's public gallery: Cost Fair market value Cash to individual needy families around town $5,000 20,000 30,000 5,000 7,000 3,000

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CCH Federal Taxation Basic Principles 2020

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