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.

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01-11-2021
Business

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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 :

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Parrain Parrain · Answer 1 · 2021-11-15T09:59:49-05:00

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.

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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 :

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