Question: 5. Elmore Eisner made the following contributions during the current tax year: Cash to United Way $5,000 Land to Boy Scouts to be used as

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

Cash to United Way

$5,000

Land to Boy Scouts to be used as a summer camp:

Cost

20,000

Fair market value

30,000

Painting to a 20 percent charity for permanent display in foundation's public gallery:

Cost

5,000

Fair market value

7,000

Cash to individual needy families around town

3,000

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

Answer:

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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