In 2021 Ron and Hermione made the following contributions to the following organizations. Category Charity Property Cost
Question:
In 2021 Ron and Hermione made the following contributions to the following organizations.
Category | Charity | Property | Cost | FMV |
Goodwill | Clothes and misc. household items (several years old) | $25,700 | $5,350 | |
Hogwarts Museum | Coin Collection | $12,500 | $30,900 | |
Ron and Hermione’s best friends whose house burned down | Cash | $3,500 | $3,500 | |
Salvation Army | Cash | $15,700 | $15,700 | |
Toys for Tots | New toys | $6,500 | $6,500 | |
Henry Ford Hospital | Rigor stock (held 3 years) | $22,000 | $10,000 | |
Wayne State University | Exxon Mobil Stock (held 5 years) | $26,900 | $69,500 | |
High School | Stock (held 6 months) | 6,500 | 10,000 | |
Wayne State University | Cash | 13,000 | $13,000 |
Determine the contribution category for each of these contributions – assuming that the Hogwarts Museum plans to display the coin collection in the museum – and place it in the column above.
Determine Ron and Hermione’s maximum deductible charitable contribution (for each category) (and any carryover) assuming their AGI is $220,000.
Category | Amount |
Cash | |
50% | |
30% | |
Carryover |
Show Work for any potential partial credit.
South Western Federal Taxation 2014 Comprehensive Volume
ISBN: 9781285180922
37th edition
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young