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This year Devon made the following charitable contributions: (All are qualified charities.)

Item Charity Cost FMV
Apple Stock United Way 2,500 25,000
Research in Motion stock Red Cross 4,000 1,400
Furniture Goodwill 600 400
Cash Auburn University 15,000 15,000
Determine the maximum amount of charitable deduction for Devon's contributions if his AGI is $80,000 this year.

Determine the carryforward of excess contributions, if any.

 

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M946361

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