Question

g Used clothing of taxpayer and his family (all acquired more than a year ago) $1,350 $ 375 Stock in ABC, Inc., held as an investment for 15 months 12,000 10,875 Stock in MNO, Inc., held as an investment for 11 months 15,000 18,000 Real estate held as an investment for two years 15,000 30,000 The used clothing was donated to the Salvation Army; the other items of property were donated to Eastern State University. Both are qualified charitable organizations. Disregarding percentage limitations, Zeke's charitable contribution deduction for the year is

Answer 1

Answer:

$56,250.

Explanation:

So, we are given the following data or parameters or information which we will use to solve this particular problem or Question;

=>" Used clothing of taxpayer and his family (all acquired more than a year ago) = $1,350 for Basis and Fair market value = $ 375 "

=> "Stock in ABC, Inc., held as an investment for 15 months 12,000 for Basis and 10,875 for fair market value."

=>" Stock in MNO, Inc., held as an investment for 11 months 15,000 for Basis and 18,000 for fair market value. "

=> "Real estate held as an investment for two years 15,000 for basis and 30,000 for fair market value."

Zeke's charitable contribution deduction for the year can be calculated by adding the the fair markets values of :

Used clothing of taxpayer and his family (all acquired more than a year ago) + Stock in ABC, Inc., held as an investment for 15 months + Real estate held as an investment for two years

Then, the result gotten will be added to the Basis value for Stock in MNO, Inc., held as an investment for 11 months. Thus;

$ 375 + 10,875 + 30,000 = 41,250.

41,250 + 15,000 = $56,250.