Question: If a taxpayer donates $ 4 0 , 0 0 0 worth of art to a qualified domestic organization ( art was created by taxpayer

If a taxpayer donates $40,000 worth of art to a qualified domestic organization(art was created by taxpayer) and $20,000 worth of stocks that they purchased 3 years ago, what is the amount carried forward if the taxpayer's AGI is $80,000?
$20,000
$24,000
$28,000
$30,000

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

1. The total payroll tax expense incurred by the employer on salaries and wages paid during the quarter ended December 31 was.....................$ 2. The total payroll tax expense incurred by the...

Q:

Question 1 Which of the following is an itemized deduction? Medical expenses A contribution to an HSA A contribution to a traditional IRA Student loan interest. Flag this Question Question 2 Which of...

Q:

Yvonne Corporation manufactures and sells ceramic dinnerware. The company also sells dinnerware that is purchased from unrelated foreign producers. During tax year 2008, Yvonne had a U. S. profit of...

Q:

Deductible medical expenses include all of the following except: a. Over-the Counter medicines directed by a physician O b. Travel expenses incurred to seek medical treatment O c. The cost and care...

Q:

Lot's of issues: You have doubled expenses by putting them on both the 1125A and page one like wages. Your missing the sec 179 deprec. On sch L you put the data in the beginning balance column and...

Q:

just zoom in its all there. it does not need anymore info. Assume the texpayer does NOT wish to contribute to the Presidential Election Fund, unless otherwise stated in the problem. Assume all...

Q:

Corporation tax return form 1120 . I am trying to do this. But i need check if the final answer is correct. BOOK BALANCE SHEETS Account Cash Accounts receivable Allowance for doubtful accounts...

Q:

Microsoft Word - Corp Tax Return-1158.docx Required: Complete Celebrity Catering Service Inc.?s (CCS) 2012 Form 1120 and all related schedules. Be sure to attach schedules for any line item which...

Q:

I would like to do my NFP project onUnited States Fund for United Nations Children's Fund Prepare an executive summary paper on the Form 990 to include the following: a. A brief overview of your...

Q:

file tax form for filing jointly with married couple with children CORRECTED (if checked) PAYER'S name, street address, city or town, state or province, country, ZIP or foreign postal code, and...

Q:

Answer the following questions about an organization, based on the Sample Form 990 below. A. Provide: Total revenue Total expenditures End-of-year cash balance Public support percentage Fundraising...

Q:

(3) Let the system initially (at t = 0) is in the state (x,0) = = / 0(x) + e-l /0 (x). e-ia a) b) c) d) Check if Find out Find out (x, 0) is normalized or not. (x, t). (x, t)|2. Is it time dependent?...

Q:

let f: z-z be given by f(n)=[n/2]. (a) is f one-to-one? Justify (b) is fonto? Justify

Q:

CAPM and Valuation You are considering acquiring a firm that you believe can generate expected free cash flows of 1 0 0 0 0 a year forever However you recognize that those cash flows are uncertain LO...

Q:

Case Study A - Poor performance issues Emma is an employee with intermittent performance issues throughout her career. Over the past six months, she has been missing project deadlines, and the work...

Q:

How would you collect those additional data?

Q:

Compare and contrast the cluster model produced by Tableau Desktop with the one produced by Power BI Desktop. What do you notice about the clusters?

Q:

Which city has the highest volume of sales for the two weeks of analysis?