Charitable contributions to a 501(c)(3) charity 1) Complete the following chart: Charity Property First Baptist Church...

 

Transcribed Image Text:

Charitable contributions to a 501(c)(3) charity 1) Complete the following chart: Charity Property First Baptist Church United Way American Heart Foundation First United Methodist Church First United Methodist Church Cash Antique painting held more than one year by donor. Painting will be sold. Antique painting held 15,000 more than one year by donor. Painting will be used in AMF's charitable mission Coca Cola stock held long term Cost $50,000 15,000 Moving On Corporation stock held long term 12,000 20,00 FMV $50,000 75,000 75,000 20,000 12,000 2). Briefly describe how the AGI limitation on charitable contributions works. Deductible amount AGI limitation 60%, 50% or 30% Charitable contributions to a 501(c)(3) charity 1) Complete the following chart: Charity Property First Baptist Church United Way American Heart Foundation First United Methodist Church First United Methodist Church Cash Antique painting held more than one year by donor. Painting will be sold. Antique painting held 15,000 more than one year by donor. Painting will be used in AMF's charitable mission Coca Cola stock held long term Cost $50,000 15,000 Moving On Corporation stock held long term 12,000 20,00 FMV $50,000 75,000 75,000 20,000 12,000 2). Briefly describe how the AGI limitation on charitable contributions works. Deductible amount AGI limitation 60%, 50% or 30% Charitable contributions to a 501(c)(3) charity 1) Complete the following chart: Charity Property First Baptist Church United Way American Heart Foundation First United Methodist Church First United Methodist Church Cash Antique painting held more than one year by donor. Painting will be sold. Antique painting held 15,000 more than one year by donor. Painting will be used in AMF's charitable mission Coca Cola stock held long term Cost $50,000 15,000 Moving On Corporation stock held long term 12,000 20,00 FMV $50,000 75,000 75,000 20,000 12,000 2). Briefly describe how the AGI limitation on charitable contributions works. Deductible amount AGI limitation 60%, 50% or 30% Charitable contributions to a 501(c)(3) charity 1) Complete the following chart: Charity Property First Baptist Church United Way American Heart Foundation First United Methodist Church First United Methodist Church Cash Antique painting held more than one year by donor. Painting will be sold. Antique painting held 15,000 more than one year by donor. Painting will be used in AMF's charitable mission Coca Cola stock held long term Cost $50,000 15,000 Moving On Corporation stock held long term 12,000 20,00 FMV $50,000 75,000 75,000 20,000 12,000 2). Briefly describe how the AGI limitation on charitable contributions works. Deductible amount AGI limitation 60%, 50% or 30%

Answer rating: 100% (QA)

1 The Complete table is Charity Property Cost FMV Deductable amount AGI limitations 60 50 or 30 First Baptist Church Cash 50000 50000 50000 50 United way Antique painting held more than one year by do... View the full answer