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Indicating the charitable contributions deduction

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Reference no: EM132656292

Problem - Sanchez incurred the following items.

Business income, exclusive of the following items

$80,000

Tax-exempt interest income

40,000

Payment to charity from 2020 Sanchez gross income, paid 3/1/21

20,000

Complete the following chart, indicating the charitable contributions deduction under the various assumptions.

Assumption

2020 Deduction for Contribution

Sanchez is a cash basis individual

Sanchez is an accrual basis corporation

Sanchez is a trust

Reference no: EM132656292

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