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Determine her maximum charitable donations tax credit

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Reference no: EM133022222

Question - Ms. Rhonda Fern donates some equipment to the Make A Wish Foundation, a registered Canadian charity. The assets have a fair market value of $80000, a capital cost of $53000, and a UCC of $45000. She elects to make the donation at the fair market value of $80000. She has no other source of income during the year. Determine her maximum charitable donations tax credit for 2019.

Mr. Seyed Ramsey has employment income of $114000. He owns shares that are listed on the Toronto Stock Exchange. These shares have a fair market value of $168000 and an adjusted cost base of 46000. During 2019, these shares are given to a registered Canadian charity. Determine Mr. Ramsey's maximum charitable donations tax credit in 2019.

Reference no: EM133022222

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