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Zinaida [17]
3 years ago
12

For the current year, Gina Hestopolis had adjusted gross income of $100,000. During the year, she contributed $6,000 to her chur

ch 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 beyond the current year for Gina Hestopolis
Business
1 answer:
Dvinal [7]3 years ago
6 0

Answer:

$39,000

Explanation:

This can be calculated as follows:

Charitable contribution to carry forward = Contribution to church + Contribution to qualified charities + Half of the fair market value of contributed religious artwork

Therefore, we have:

Charitable contribution carry forward = $6,000 + $3,000 + ($60,000 ÷ 2) = $39,000

Therefore, the amount of the charitable contribution carry forward beyond the current year for Gina Hestopolis is $39,000.

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