Don's Records Contain the Following Information: 1.
Don's records contain the following information: 1.Donated stock having a fair market value of $3,600 to a qualified charitable organization.He acquired the stock five months previously at a cost of $2,400.
2)Paid $700 to a church school as a requirement for the enrollment of his daughter.
3)Paid $200 for annual homeowner's association dues.
4)Drove 400 miles in his personal auto at 14 cents per mile.The travel was directly related to volunteer services he performed for his church (actual costs were not available).
What is Don's charitable contribution deduction?
Erin's records reflect the following information: 1.Paid $200 dues to a fraternal organization (such as the Elks Club)
2)Donated stock having a fair market value of $3,500 to a qualified charitable organization.She purchased the stock 2 years earlier for $3,000.
3)Paid $1,600 cash to qualified public charitable organizations
Erin's adjusted gross income for this year was $50,000.What is the amount of her charitable contribution deduction for the year?
Sacha purchased land in 2010 for $35,000 that she held as a capital asset.This year,she contributed the land to the Boy Scouts of America (a charitable organization)for use as a site for a summer camp.The market value of the land at the date of contribution is $40,000.Sacha's adjusted gross income is $90,000.Assuming no special elections,Sacha's maximum deductible contribution this year is
Clayton contributes land to the American Red Cross for use as a future site for a new building.His AGI is $50,000.Clayton paid $20,000 for the land eight months ago but its market value at the date of contribution is $25,000.With no special elections,Clayton's deductible contribution this year is