Determine Dean's itemized deduction for his charitable contributions this year a
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![Required information
Problem 6-51 (LO 6-2) (Static)
[The following information applies to the questions displayed below]
In addition to cash contributions to charity, Dean decided to donate shares of stock and a portrait painted during the
earlier part of the last century. Dean purchased the stock and the portrait many years ago as investments. Dean reported
the following recipients in 2023:
Charity
Property
State University
Cash
Cost
$ 15,000
FMV
$ 15,000
Red Cross
Cash
State History Museum
City Medical Center
Antique painting
Dell stock
14,500
5,000
28.000
14,500
82,000
17,000
Problem 6-51 Part-b (Static)
b. Assume that Dean's AGI this year is $150,000. Determine Dean's itemized deduction for his charitable contributions this year and
any carryover.
Deduction
Carryover](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6b0a8a4d-22fd-46d4-b1de-999136a689f2%2F7fb28d0f-6e6a-4723-bfe3-3b3b273a674f%2Fcnjnh1l_processed.jpeg&w=3840&q=75)
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- In addition to cash contributions to charity. Dean decided to donate shares of stock and a portrait painted during the earlier part of the last century. Dean purchased the stock and the portrait many years ago as investments. Dean reported the following recipients in 2023: Charity Property Cost FMV State University Cash $15,000 $15,000 Red Cross Cash 14,500 14,500 5,000 82,000 28,000 17,000 State History Museum City Medical Center Dell Stock Antique painting 1. Determine the maximum amount of charitable deduction for each of these contributions ignoring the AGI ceiling on charitable contributions. 2. Assume that Dean's AGI this year is $150,000. Determine Dean's itemized deduction for his charitable contributions this year and any carryover.In addition to cash contributions to charity, Dean decided to donate shares of stock and a portrait painted during the earlier part of the last century. Dean purchased the stock and the portrait many years ago as investments. Dean reported the following recipients in 2022: Charity Property Cost FMV State University Cash $ 15,200 $ 15,200 Red Cross Cash 14,600 14,600 State History Museum Painting 5,020 82,800 City Medical Center Dell stock 30,000 19,000 a. Determine the maximum amount of charitable deduction for each of these contributions ignoring the AGI ceiling on charitable contributions. b. Assume that Dean's AGI this year is $160,000. Determine Dean's itemized deduction for his charitable contributions this year and any carryover. c. Suppose Dean is a dealer in antique paintings and had held the painting for sale before the contribution. What is Dean's charitable contribution deduction for the painting in this situation (ignoring AGI limitations)? d. Suppose that…Problem 6-51 (LO 6-2) (Algo) Skip to question [The following information applies to the questions displayed below.] In addition to cash contributions to charity, Dean decided to donate shares of stock and a portrait painted during the earlier part of the last century. Dean purchased the stock and the portrait many years ago as investments. Dean reported the following recipients in 2022: b. Assume that Dean's AGI this year is $340,000. Determine Dean's itemized deduction for his charitable contributions this year and any carryover.
- Recording journal entries for nonprofits 6. Donor D advises a university that he has established an irrevocable charitable remainder trust, administered by his attorney, whereby his wife will receive income from the trust as long as she lives. At her death, the remaining trust assets will be distributed to the university as a permanent endowment. The university’s actuary estimates the fair value of the university’s beneficial interest to be $400,000 (answer question 6 - what should be the correct entry?)In addition to cash contributions to charity, Dean decided to donate shares of stock and a portrait painted during the earlier part of the last century. Dean purchased the stock and the portrait many years ago as investments. Dean reported the following recipients in 2021: Charity Property Cost FMV State University Cash $ 16,400 $ 16,400 Red Cross Cash 15,200 15,200 State History Museum Antique painting 5,140 87,600 City Medical Center Dell stock 42,000 31,000 Problem 6-49 Part-a (Algo) answers needed for all parts a, b c, and d a. Determine the maximum amount of charitable deduction for each of these contributions ignoring the AGI ceiling on charitable contributions. b. Assume that Dean’s AGI this year is $220,000. Determine Dean’s itemized deduction for his charitable contributions this year and any carryover. c. Suppose Dean is a dealer in antique paintings and had held the painting for sale before the…! Required information Question 6 [The following information applies to the questions displayed below.] In 2023, L'Jarius Sneed made the below donations to the below charities. L'Jarius purchased the football and stock as investments 10 years ago. Charity Georgia Gwinnett College Goodwill Industries Kansas City sports' museum Non-profit children's hospital Question 6b Deduction Carryover Cash Cash Property Autographed football Apple, Inc. stock Cost $ 17,400 15,700 5,240 52,000 FMV $ 17,400 15,700 91,600 41,000 b. Assume instead that L'Jarius' AGI is $270,000. Determine L'Jarius' itemized deduction for his charitable contributions this year and any carryover.
- Ray Ray made the following contributions in 2023. Charity Athens Academy School United Way American Heart Association First Methodist Church Cash Cash Cash contributions Property donations Property Antique painting Coca-Cola stock Maximum Amount Cost $ 8,050 5,850 15,300 15,250 FMV $ 8,050 5,850 Determine the maximum amount of charitable deduction for each of these contributions ignoring the AGI ceiling on charitable contributions and assuming that the American Heart Association plans to sell the antique painting to fund its operations. Ray Ray has owned the painting and Coca-Cola stock since 1990. 76,500 22,875Required information [The following information applies to the questions displayed below.] Calvin reviewed his canceled checks and receipts this year (2023) for charitable contributions, which included an antique painting and IBM stock. He has owned the IBM stock and the painting since 2005. Donee Hobbs Medical Center State Museum A needy family United Way Item IBM stock Antique painting Food and clothes Cash Charitable contribution deduction Carryover Cost $ 7,800 6,400 680 36,000 FMV $ 50,000 3,840 410 36,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Note: Leave no answer blank. Enter zero if applicable. b. Calvin's AGI is $240,000, but the State Museum told Calvin that it plans to sell the painting.In need help with preparing the following for journal entries, balance and statement sheets. I would like to know how close I'm to the right answers A donor made a $1,000,000 pledge, giving the foundation a legally enforceable 90-day note for the full amount. The same donor paid $500,000 of the amount pledged. The foundation purchased a building for $900,000, paying $90,000 in cash and giving a ten-year mortgage for the balance. The building has a 25-year useful life. The foundation charges a half-year’s depreciation for all assets in the year they are acquired. The foundation hired five employees. By year-end, these employees have earned $10,000 in salaries and wages for which they have not been paid. The foundation accounts for its activities in a single fund. Prepare journal entries to record the transactions, making the following alternative assumptions as to the fund’s measurement focus: Cash only Cash plus other current financial resources (cash plus short-term receivables…
- Required information [The following information applies to the questions displayed below.] Calvin reviewed his canceled checks and receipts this year (2023) for charitable contributions, which included an antique painting and IBM stock. He has owned the IBM stock and the painting since 2005. Donee Hobbs Medical Center State Museum A needy family United Way Item IBM stock Antique painting Food and clothes Cash Cost $ 7,200 6,100 620 30,000 Calculate Calvin's charitable contribution deduction and carryover (if any) under the following circumstances. Note: Leave no answer blank. Enter zero if applicable. Charitable contribution deduction Carryover FMV $ 44,000 3,660 370 30,000 d. Calvin's AGI is $210,000 and Hobbs is a private nonoperating foundation. Answer is complete but not entirely correct. $ 33,660 X 0the following recipients: Charity State University Red Cross State History Museum City Medical Center Cash Cash Deduction Carryover Property Antique painting Dell stock Cost FMV $15,000 $15,000 14,500 82,000 17,000 14,500 5,000 28,000 b. Assume that Dean's AGI this year is $150,000. Determine Dean's itemized deduction for his charitable contributions this ye any carryover.Which of the following is a specific legacy? The gift of all remaining estate property to a charity. The gift of $44,000 cash from a specified source. The gift of $44,000 cash. The gift of 1,000 shares of stock in IBM.