For the current year, Sheila Jones had adjusted gross income of $100,000. During the year, she contributed $6,000 to her church and an additional $3,000 to qualified charities. She also contributed religious artwork with a fair market value of $60,000 and a basis of $20,000 to her church. The church intends to display the religious artwork in the church foyer. What is the amount of the charitable contribution carry forward for Sheila Jones?

Question

Quizplus · Accepted Answer

The correct answer is A.Sheila Jones's charitable contribution carry forward is $30,000. This is because her total charitable contributions for the year ($6,000 + $3,000 + $60,000 = $69,000) exceed her adjusted gross income of $100,000 by $30,000.

For the Current Year, Sheila Jones Had Adjusted Gross Income