Answered

Find the best solutions to your questions at Westonci.ca, the premier Q&A platform with a community of knowledgeable experts. Get quick and reliable solutions to your questions from a community of experienced experts on our platform. Explore comprehensive solutions to your questions from a wide range of professionals on our user-friendly platform.

During the year, Morgan makes the following donations to his church: cash of $5,500 and stock worth $50,000. Morgan had purchased the stock six years ago for $38,000 and held it as an investment. Morgan's AGI for the year is $80,000.

Sagot :

Parrain

Based on his transactions during the year, Morgan's potential deduction is $55,500.

The question asks about the potential deductions if percentage limitations are ignored.

If percentage limitations were not applied, Morgan would be able to deduct all the donations to his church as the church is a not for profit organization.

The potential deduction is therefore:

= 5,500 + 50,000

= $55,500

In conclusion, the potential deduction is $55,000.

Find out more at https://brainly.com/question/10415487.

We hope our answers were helpful. Return anytime for more information and answers to any other questions you may have. Thank you for choosing our platform. We're dedicated to providing the best answers for all your questions. Visit us again. Thank you for visiting Westonci.ca. Stay informed by coming back for more detailed answers.