Patrick has an adjusted gross income of $160,000 in the current year. He donated $30,000 in cash to a public charity, capital gain property with a basis of $15,000 and a fair market value of $40,000 to a public charity, and publicly traded stock with a basis of $20,000 and a fair market value of $35,000 to a private nonoperating foundation. The amount that Patrick can deduct for the stock donation to the private nonoperating foundation is ______.

Question

19-02-2021
Business

contestada

Patrick has an adjusted gross income of $160,000 in the current year. He donated $30,000 in cash to a public charity, capital gain property with a basis of $15,000 and a fair market value of $40,000 to a public charity, and publicly traded stock with a basis of $20,000 and a fair market value of $35,000 to a private nonoperating foundation. The amount that Patrick can deduct for the stock donation to the private nonoperating foundation is ______.

Respuesta :

Otras preguntas

A mall order of boxed lunche ha 12 andwiche, and a large order ha 18 andwiche. How many andwiche need to be made for 15 mall order

A gas has a pressure of 32,541 kPa at 40.0°C. what is the temperature at standard pressure

which characteristic is not unique to the market economy of the northern and north-eastern united states of the mid 1800s?

IDENTIFYING POINTS OF VIEW How do Madison and Henry disagree over the role of the states in the federal republic?

Surface runoff is an example of nonpoint source pollution. Please select the best answer from the choices provided

A motorcycle cot 50000 peo and ha an expected life of 10 year. The alvage value i etimate to be 2000 peo and annual operating cot i etimate at 1000 peo. What i

A triangle has an angle that measure 36.6° and a second angle that measures 59.3°. What is the measure of the third angle? 2 pts

When George Washington read The Crisis to his troops at Valley Forge in December 1777, he was trying to - explain why the British would be victorious inspire hi

a farmer uses an herbicide to control a weed in his field. for the first few years, the herbicide works well and almost all of the weed dies; but after several

Which of the following is NOT a characteristic of the early hunter-gatherers? The development of tools The use of fire Wandering bands (living nomadically) Adva

Tundexi Tundexi · Answer 1 · 2021-02-21T02:24:02+01:00

An$8,000

swer:

Explanation:

Non-cash contributions of capital gain property are subject to limit of 30% of AGI = 30% * 160000 = $48,000

$40,000 in property to public charity is allowable deduction (Contribution to private non-operating foundation is further subject to a 30% limit)

Hence, allowable deduction of contribution to private non-operating foundation = 30% * AGI (Contribution subject to 30% limit) = $48,000 - $40,000 = $8,000