William, a high school teacher, earns about $50,000 each year. In December 2016, he won $1 million
Question:
William, a high school teacher, earns about $50,000 each year. In December 2016, he won $1 million in the state lottery. William plans to donate $100,000 to his church. He has asked you, his tax adviser, whether he should donate the $100,000 in 2016 or 2017. Identify the tax issues related to William’s decision.
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Tax Issues Related to Williams Decision Donating in 2016 Tax on lottery winnings William will owe federal and state income taxes on his lottery winnin...View the full answer
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Related Book For 
South Western Federal Taxation 2017 Comprehensive
ISBN: 9781305874169
40th Edition
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young
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