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What is the charitable contribution and carryover

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Reference no: EM132947344

Question - Elmore Eisner made the following contributions during the current tax year:

Cash to United Way $5,000

Land to Boy Scouts to be used as a summer camp:

Cost 20,000

Fair market value 30,000

Painting to a 20 percent charity for permanent display in foundation's public gallery:

Cost 5,000

Fair market value 7,000

Cash to individual needy families around town 3,000

Required -

a. Assuming Elmore's adjusted gross income, is $80,000, what is his charitable contribution deduction for the year and carryover?

b. What is the charitable contribution and carryover if the cost and fair market value of the painting are $25,000 and $27,000, respectively?

Reference no: EM132947344

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