Diane Bauman, a professional artist with AGI in excess of $75,000, made the following donations. Determine to

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Diane Bauman, a professional artist with AGI in excess of $75,000, made the following donations. Determine to what extent each donation is deductible on her Schedule A.

a. $2,000 cash to the First Methodist Church of Chicago.

b. $50 cash to a homeless person.

c. One of Diane’s own oil paintings to the local chapter of Meals on Wheels, a tax-exempt charity. The charity sold the painting for $3,900 at a silent auction.

d. $10,000 cash to the Democratic political party.

e. Used household furniture to the Salvation Army. Diane’s original cost was $6,800, and the furniture was reasonably worth $1,200.

Assume the taxable year is 2018.

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Principles Of Taxation For Business And Investment Planning 2019 Edition

ISBN: 9781260161472

22nd Edition

Authors: Sally Jones, Shelley C. Rhoades Catanach, Sandra R Callaghan

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