Question: John inherited $ 1,000,000 from a wealthy Uncle in 2017. John has an AGI of $ 60,000. Feeling fortunate, John made the following payments in
John inherited $ 1,000,000 from a wealthy Uncle in 2017. John has an AGI of $ 60,000. Feeling fortunate, John made the following payments in 2015: a. Paid $ 10,000 to the college his Uncle attended. b. Paid $ 10,000 to his church. c. Paid $ 8,500 to the Salvation Army d. Donated $ 5,000 to a Presidential Campaign e. Donated 100 hours of his time to a qualified charity (John earns $ 40 per hour). f. Incurred $ 300 in out of pocket expenses in (e) above. g. Donated $ 7,500 to a needy family in his home town that was displaced due to a fire destroying their home. h. Donated Google stock held for 5 years worth $ 50,000, basis is $ 10,000. a. Calculate Johns 2017 charitable contribution deduction. b. Calculate Johns 2017 charitable contribution deduction if ONLY item h. above was donated.
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