This year Latrell made the following charitable contributions:
$\begin{array}{l}
\begin{array}{lll}
\text { Donee }\
\text { Jones Foundation}\
\text { Salvation Anmy}\
\text { City Hospital}\
\end{array}
\begin{array}{l}
\text { Property } \
\text { IBMI stock } \
\text { Clothes } \
\text { Cash }
\end{array}
\begin{array}{l}
\text { Cost }&\text { FMV } \
\$ \quad 15,000&\$ 25,000 \
2,500 &500\
20,000
\end{array}
\end{array}$ Determine the maximum amount of Latrell's charitable deduction assuming the Jones Foundation is a private nonoperating foundation and Latrell's AGI is $100,000 this year. You may assume that the stock and painting has been owned for 10 years.

Question

This year Latrell made the following charitable contributions:
 $\begin{array}{l}
\begin{array}{lll}
\text { Donee }\
\text { Jones Foundation}\
\text { Salvation Anmy}\
\text { City Hospital}\
\end{array}
\begin{array}{l}
\text { Property } \
\text { IBMI stock } \
\text { Clothes } \
\text { Cash }
\end{array}
\begin{array}{l}
\text { Cost }&\text { FMV } \
\$ \quad 15,000&\$ 25,000 \
2,500 &500\
20,000
\end{array}
\end{array}$ Determine the maximum amount of Latrell's charitable deduction assuming the Jones Foundation is a private nonoperating foundation and Latrell's AGI is $100,000 this year. You may assume that the stock and painting has been owned for 10 years.

Quizplus · Accepted Answer

The Answer of This year Latrell made the following charitable contributions:
 $\begin{array}{l}
\begin{array}{lll}
\text { Donee }\
\text { Jones Foundation}\
\text { Salvation Anmy}\
\text { City Hospital}\
\end{array}
\begin{array}{l}
\text { Property } \
\text { IBMI stock } \
\text { Clothes } \
\text { Cash }
\end{array}
\begin{array}{l}
\text { Cost }&\text { FMV } \
\$ \quad 15,000&\$ 25,000 \
2,500 &500\
20,000
\end{array}
\end{array}$ Determine the maximum amount of Latrell's charitable deduction assuming the Jones Foundation is a private nonoperating foundation and Latrell's AGI is $100,000 this year. You may assume that the stock and painting has been owned for 10 years.

This Year Latrell Made the Following Charitable Contributions Determine the Maximum Amount of Latrell's Charitable Deduction Assuming the Donee