Question: Tom made a charitable contribution to his church in the current year. He donated common stock valued at $33,000 (acquired as an investment in 1997

Tom made a charitable contribution to his church in the current year. He donated common stock valued at $33,000 (acquired as an investment in 1997 for $14,000). Tom’s AGI in the current year is $75,000. What is his allowable charitable contribution deduction? How are any excess amounts treated?

Step by Step Solution

★★★★★

3.44 Rating (173 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Charitable Gift FMV 33000 30 limit 75000 AGI 22500 deduction Carryo... View full answer

Question Has Been Solved by an Expert!

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

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

753-B-A-I-T (1468).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

Create (either orally or in written form) a plan for how you will reach the desired profit goal. As you formulate your plan, remember that it costs money to make money. So, if your plan is to...

Jaylen made a charitable contribution to his church in the current year. He donated common stock valued at $33,000 (acquired as an investment in 1998 for $14,000). Jaylens AGI in the current year is...

Jaylen made a charitable contribution to his church in the current year. He donated common stock valued at $33,000 (acquired as an investment in 2005 for $ 13,000). Jaylens AGI in the current year is...

Your clients, Sonny and his wife Honey, believe in worshiping Ta-Ra, the Sun God. To practice their religious beliefs, they take a weeklong trip to Hawaii to worship Ta-Ra. The cost of this...

Tom made a charitable contribution to his church in the current year. He donated common stock valued at $33,000 (acquired as an investment in 1997 for $14,000). Tom's AGI in the current year is...

Tom made a charitable contribution to his church in the current year. He donated common stock valued at $34,000 (acquired as an investment in 1997 for $15,640). Tom's AGI in the current year is...

Tom made a charitable contribution to his church in the current year. He donated common stock valued at $20,000 (acquired as an investment in 1998 for $8,000). Tom's AGI in the current year is...

Jaylen made a charitable contribution to his church in the current year. He donated common stock valued at $31,500 (acquired as an investment in 2007 for $15,500). Jaylen's AGI in the current year is...

8. a. b. Jaylen made a charitable contribution to his church in the current year. He donated common stock valued at $33,000 (acquired as an investment in 2006 for $13,000). Jaylen's AGI in the...

Jaylen made a charitable contribution to his church in the current year. He donated common stock valued at $26,050 (acquired as an investment in 2006 for $10,500). Jaylen's AGI in the current year is...

Jaylen made a charitable contribution to his church in the current year. He donated common stock valued at $33,150 (acquired as an investment in 2005 for $17,000). Jaylen's AGI in the current year is...

What are the primary principles behind corporate governance reform today? Are these culturally specific in your opinion?

Suppose you want to buy a $454,136 home. You can put $90,000 down and can finance at 6.6% APR Monthly for 30 years, but can only afford to pay $1,117, for the first five years, and have offered to...

Time Remaining 2 4 minutes 5 5 seconds 0 0 : 2 4 : 5 5 Treasury Stock is normally reported as a ( n ) : Multiple Choice expense. reduction of total stockholders' equity. asset. liability.

Wardell Company purchased a mini computer on January 1, 2019, at a cost of $48,500. The computer has been depreciated using the straight-line method over an estimated five-year useful life with an...

Simonat all relevant times held a German passport. From the time of his first visit Australia in 2009 until the end of the 2018income year, he held a visa which permitted him to live and work in...

Your investment bank has an investment of $100 million in the stock of the Swiss Roll Corporation and a short position in the stock of the Frankfurter Sausage Company. Here is the recent price...

It is required to design a submarine prototype for the following conditions: flow velocity (u,) = 20 mi/hr. seawater density (pp) = 1025 kg/m. seawater dynamic viscosity (up) = 1.88 * 10 kg/(m.s) If...

Susie Smith opened Susie's Commerical Clearning on April 1, 2021. In Apr, the following transactions were completed. Apr-01 Invested $14,000 cash in the business 1 Purchased a used truck for $26,400,...

Explain how marketing can increase shareholder value.

Jane purchased an annuity contract that pays her $800 per month. The annuity cost her $50,000 and it has an expected return of $100,000. How much of each monthly annuity payment is includible in...

Carlos Diego paid the following expenses during the current tax year State sales tax ............... $600 Sales tax on purchase of automobile ...... 800 License plate tax based on weight-of vehicles...

Bill is cash basis calendar year taxpayer. Which of the following December items result in gross income or deductions for the current year? a. Check received for December rent, 700 not deposited...

i need help with parts 5-7 please - Prof, Business decides to buy a 2022 Honda CR-V Touring edition. After paying a down payment and taxes, Prof. Business can finance the rest of the purchase price...

- Montgomery Ward operates a retail department store chain. - It filed for bankruptcy during the first quarter of Year 12. The Cash Flow Statement below presents a statement of cash flows for...

2. Fashion Corp. has come up with a new product. One year ago, the company paid $120,000 for a marketing survey to determine the viability of this product. It is estimated that the product will...