fi ACCT 322120(1): Prese x . CengageNOW 2 l Onlin/X v2.cengageno.com/ilrn/takpAs
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fi ACCT 322120(1): Prese x . CengageNOW 2 l Onlin/X v2.cengageno.com/ilrn/takpAssignment/take Linda Age 37 wno Files G how to take a screenshc x Module 09 Assignment Calculator cBook Problem 10-40 (LO. 6, 9) In December of each year, Eleanor Young contributes 10% of her gross income to the United way (a 50% organization. Eleanor, who is in the 28% marginal tax bracket, is considering the following alternatives for satisfying the contribution. 1. DQ 10-04 2. DQ 10-05 Fair Market Value 523,000 $23,000 $23,000 $23,000 3. EX.10-19 (1) Cash donation (2) Unimproved land held for six years ($3,000 basis) (3) Blue Corporation stock held for eight months($3,000 basis) 1)Gold Corporation stock held for two years ($28,000 basis) 4 PR 10 25 5. PR.10-26 6. PR.10-26 . PR.10-30 0. PR 10-31 9. PR.10-33 10. PR 10-35 11. PR.10-37 Eleanor has asked you to help her decide which of the potential contributions listed above will be most advantageous tax-wise. Evaluate the four alternatives and complete a letter to Eleanor. Determine the amaunt af the charitable contribution for each aption Charitable Contribution Cash donation Unimproved land held for six years (3,000 basis) Blue Carparation stock held for eight months ($3,000 basis) Gold Corporation stock held for two years ($29,000 basis) 23,000 23,000 23,000X 23,000 V 12. PR 10-10 13 PR 10 43 14. PR 10-44 Hoffman, Young, Raabe, Maloney, & Nellen, CPAs 5191 Natorp Boulevard Mason, OH 45040 Chack My Work Previous Next Progress: 12/14 items h55ignment Score: 92.35% All work saved. Save and Exit Submit Assignment for Grading 7:18 PM Type here to search 0Explanation / Answer
Cash donation = $ 23,000 ( as entire cash can be donated)
Unimproved land held for 6 years = $ 23,000, As the capital gains is not taxed entire amount can be donated
Blue Corporation stock held for 8 months = $ 3000 (tax basis)
Gold Corporation stock = 23,000( As the basis is 28,000 there is capital loss and no tax is attracted).
Can you try now. :)
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