Reference no: EM132589764

Question 1: Determine the deductible charitable contribution in each of the following instances.

Option 1: Charitable contribution of $2,600 and taxable income before charitable contribution of $42,000.

Option 2: Charitable contribution of $5,200 and taxable income before charitable contribution of $42,000.

Option 3: Charitable contribution of $3,050 and taxable income before charitable contribution of $42,000. Taxable income includes a net operating loss carryforward of $3,500.

Option 4: Charitable contribution of $3,050 and taxable income before charitable contribution of $34,200. Taxable income includes a capital loss carryback of $3,500.

Question 2: what are the deductible charitable contribution in each