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What is impact of transactions on mike income taxes

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Question - During the current taxation year, Mike made the following donations to registered charities:

- Cash of $2,500

- Personal computer equipment: FMV at time of donation = $3,000; original cost to Mike = $5,500

- Publicly traded shares: FMV at time of donation = $7,600; original cost to Mike = $4,400

- Artwork for charity gala: FMV at time of donation = $1,750; original cost to Mike = $1,350

- Two hours of Mike's advisory services provided to the Board of Directors of ABC registered charity: FMV = $700

Required - What is the impact of the above transactions on Mike's federal personal income taxes in the current year assuming that Mike taxable income is under $200,000?

Reference no: EM133168447

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