Federal Income Tax Charitable Contributions. 2 Contributions Problem 7 - 56.

Slides:

Advertisements

Similar presentations

Federal Income Tax Charitable Contributions. 2 Itemized Deductions Medical Taxes Interest Charitable Contributions Casualty Losses Other.

Advertisements

DEMYSTIFYING CHARITABLE GIFTS OF CLOSELY-HELD BUSINESSES (especially Subchapter S Corporations CHRISTOPHER R. HOYT Professor of Law University of Missouri.

Growing into God’s Future How to maximize your tax benefits on donations.

Individual Income Taxes Copyright ©2009 Cengage Learning

Chapter 05 Itemized Deductions “A person should be taxed according to his means” --The Talmud Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights.

© 2011 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

Chapter 6. Losses-Deductions and Limits Transaction Losses: Personal Use Losses Losses from the disposition of personal use assets are generally.

Irwin/McGraw-Hill ©The McGraw-Hill Companies, Inc., 2000 Principles of Taxation Chapter 16 Tax Consequences of Personal Activities.

McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter 06 Individual Deductions.

Income Tax Fundamentals 2009 Gerald E. Whittenburg & Martha Altus-Buller Student’s Copy 2009 Cengage Learning.

©The McGraw-Hill Companies, Inc. 2008McGraw-Hill/Irwin Chapter 13 At-Risk/Passive Activity Loss Rules and The Individual Alternative Minimum Tax “Never.

Copyright Oxford University Press 2009 Chapter 12 Income Taxes.

© Copyright by M. Ray Gregg. All rights reserved. 1 Federal Income Tax Business Related Deductions.

Tax Planning and Strategies

2008 Farm Bill Tax Law Changes & Other 2009 Revisions Tax rules that apply to farmers and ranchers. J C. Hobbs Assistant Extension Specialist OSU Dept.

Individual Income Taxes C12-1 Chapter 12 Alternative Minimum Tax Copyright ©2009 Cengage Learning Individual Income Taxes.

 Click to edit Master text styles  Second level  Third level  Fourth level  Fifth level #16-1 McGraw-Hill/Irwin © 2005 The McGraw-Hill Companies,

Individual Income Taxes Copyright ©2007 South-Western/Thomson Learning

© Copyright by M. Ray Gregg. All rights reserved. 1 Federal Income Tax Personal (Itemized) Deductions.

Chapter 7(cont) Charitable Contributions Limited to 50% of AGI Deduction taken in year of contribution, regardless of taxpayer’s method of accounting Must.

Agenda 5/3 BA 128A-1 Questions from lecture Review Chapter 9,10,11,12 Assignment C9-27,35 Additional C10-29,11-47, 12-32,50.

©The McGraw-Hill Companies, Inc. 2008McGraw-Hill/Irwin Chapter 5 Itemized Deductions “A person should be taxed according to his means.” The Talmud.

“A person should be taxed according

McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter 06 Individual Deductions.

Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.

Concepts in Federal Taxation Chapter 8: Taxation of individuals

© Copyright by M. Ray Gregg. All rights reserved. 1.

Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.

Comprehensive Volume C15-1 Chapter 15 Alternative Minimum Tax Copyright ©2010 Cengage Learning Comprehensive Volume.

Tax Bases Anderson: Structure of Taxes. What is Taxed? Defining the Tax Base The tax base reflects what is taxed, and therefore what is not taxed as well.

Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.

Chapter 17 Tax Consequences of Personal Activities McGraw-Hill/Irwin

Federal Income Tax Personal (Itemized) Deductions.

Public Finance by John E. Anderson Power Point Slides to Accompany:

AC256: Federal Taxation Term 1104A Seminar: Unit 7 December 4, 2011

S Corporation Chapter 46 Tools & Techniques of Estate Planning Copyright 2011, The National Underwriter Company1 An “S” Corporation is a corporation that.

3-1 Copyright  2002 by Harcourt, Inc. All rights reserved. CHAPTER 3: MANAGING YOUR TAXES Clip Art  2001 Microsoft Corporation. All rights reserved.

1 Katrina Emergency Tax Relief Act of 2005 Effect on Charitable Contributions James E. Connell FAHP, CSA Connell & Associates Charitable Estate and Gift.

Chapter 17 Property Transactions: § 1231 and Recapture Provisions Copyright ©2006 South-Western/Thomson Learning Individual Income Taxes.

Itemized Deductions Chapter 10 Medical Expenses Taxes Interest Expense Charitable Contributions Miscellaneous.

© Copyright by M. Ray Gregg. All rights reserved.1 Federal Income Tax Overview for Individuals.

Chapter 7 Individual From AGI Deductions © 2014 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized.

Tax Consequences of Personal Activities 17-1 Chapter 17 McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved.

McGraw-Hill/Irwin ©The McGraw-Hill Companies, Inc., 2002 Principles of Taxation Chapter 16 Tax Consequences of Personal Activities.

Alternative minimum tax  Reasons for increase in taxpayers subject to AMT Reduction in regular income tax rates Standard deduction and personal exemptions.

Chapter 9 Deductions and Losses: Itemized. Personal Expenditures Ordinarily not deductible Legislative grace (e.g., charitable, medical, taxes) Mileage:

© Copyright by M. Ray Gregg. All rights reserved. 1 Federal Income Tax.

Alternative minimum tax  Designed to ensure taxpayers with substantial amounts of income pay income tax  If alternative minimum tax exceeds regular tax.

Chapter 6 6 Corporate Liquidating Distributions. Slide 7-2 In General A liquidating corporation is essentially taxed as if it had sold all of its assets.

AC256: Federal Taxation Seminar: Unit 7 July 3, 2011 Emil Koren, CPA, MBA.

Copyright © 2015, 2011, 2008 Pearson Education, Inc. Chapter 4, Unit E, Slide 1 Managing Money 4.

McGraw-Hill Education Copyright © 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of.

Chapter 14 Choice of Business Entity: Operations and Distributions © 2014 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated,

Charitable contributions  Qualified organizations Public charity: charitable, religious, education, government  Not: your neighbor who lost his job;

Personal Income Tax Mary B Pearson, CPA Assistant Professor of Accounting.

© 2011 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

© Copyright by M. Ray Gregg. All rights reserved. 1 Federal Income Tax.

2015 Alternative Minimum Tax Presented by Jaimee Hammer, EA.

Creative Charitable Planning with Closely-Held Family Businesses:

Income Tax Base and Rates

Individual Income Taxes Copyright ©2010 Cengage Learning

Individual From AGI Deductions

The Basic Federal Income Tax Structure

Advanced Tax Strategies

Girl Scouts Nation’s Capital

Tax law Updates Every Nonprofit Needs to Know June 22, 2018

Charitable Contributions

Acquisitions of Property

Presentation transcript:

Federal Income Tax Charitable Contributions

2 Contributions Problem

Determining the Contributions Deduction For Gifts to PUBLIC Charities Cash? Yes Deductible up to 50% of AGI * No Capital Gain Property? Yes No Both tangible and personal? Is FMV < Adjusted Basis? Yes Deduct FMV up to 50% of AGI * Deduct Adjusted Basis up to 50% of AGI * No Yes Used in exempt function? No Deduct FMV up to 30% of AGI * Deduct Adjusted Basis up to 50% of AGI * Yes Choose One: * Excess amounts may be carried forward for 5 years Copyright © 2000 by M. Ray Gregg. All rights reserved. Yes Deduct FMV up to 30% of AGI * Deduct Adjusted Basis up to 50% of AGI * No Is FMV < Adjusted Basis? Both tangible and personal? No

4 Choose one: Deduct Basis to 30% of AGI * to 50% of AGI * Deduct FMV Problem

5 Choose one: Deduct Basis to 30% of AGI * to 50% of AGI * Deduct FMV $50,000 30% x $100,000 = $30,000 Problem

6 Choose one: Deduct Basis to 30% of AGI * to 50% of AGI * Deduct FMV $40,000 50% x $100,000 = $50,000 Problem

7 Contributions Problem Problem

Determining the Contributions Deduction For Gifts to PUBLIC Charities Cash? Yes Deductible up to 50% of AGI * No Capital Gain Property? Yes No Both tangible and personal? Is FMV < Adjusted Basis? Yes Deduct FMV up to 50% of AGI * Deduct Adjusted Basis up to 50% of AGI * No Yes Used in exempt function? No Deduct FMV up to 30% of AGI * Deduct Adjusted Basis up to 50% of AGI * Yes Choose One: * Excess amounts may be carried forward for 5 years Copyright © 2000 by M. Ray Gregg. All rights reserved. Yes Deduct FMV up to 30% of AGI * Deduct Adjusted Basis up to 50% of AGI * No Is FMV < Adjusted Basis? Both tangible and personal?

9 Problem a.$40,000 FMV30% limit

Determining the Contributions Deduction For Gifts to PUBLIC Charities Cash? Yes Deductible up to 50% of AGI * No Capital Gain Property? Yes No Both tangible and personal? Is FMV < Adjusted Basis? Yes Deduct FMV up to 50% of AGI * Deduct Adjusted Basis up to 50% of AGI * No Yes Used in exempt function? No Deduct FMV up to 30% of AGI * Deduct Adjusted Basis up to 50% of AGI * Yes Choose One: * Excess amounts may be carried forward for 5 years Copyright © 2000 by M. Ray Gregg. All rights reserved. Yes Deduct FMV up to 30% of AGI * Deduct Adjusted Basis up to 50% of AGI * No Is FMV < Adjusted Basis?

11 Problem a.$40,000 FMV30% limit b.$10,000 basis50% limit

Determining the Contributions Deduction For Gifts to PUBLIC Charities Cash? Yes Deductible up to 50% of AGI * No Capital Gain Property? Yes No Both tangible and personal? Is FMV < Adjusted Basis? Yes Deduct FMV up to 50% of AGI * Deduct Adjusted Basis up to 50% of AGI * No Yes Used in exempt function? No Deduct FMV up to 30% of AGI * Deduct Adjusted Basis up to 50% of AGI * Yes Choose One: * Excess amounts may be carried forward for 5 years Copyright © 2000 by M. Ray Gregg. All rights reserved. Yes Deduct FMV up to 30% of AGI * Deduct Adjusted Basis up to 50% of AGI * No Is FMV < Adjusted Basis?

13 Problem a.$40,000 FMV30% limit b.$10,000 basis50% limit c.$100,000 FMV30% limit

Determining the Contributions Deduction For Gifts to PUBLIC Charities Cash? Yes Deductible up to 50% of AGI * No Capital Gain Property? Yes No Both tangible and personal? Is FMV < Adjusted Basis? Yes Deduct FMV up to 50% of AGI * Deduct Adjusted Basis up to 50% of AGI * No Yes Used in exempt function? No Deduct FMV up to 30% of AGI * Deduct Adjusted Basis up to 50% of AGI * Yes Choose One: * Excess amounts may be carried forward for 5 years Copyright © 2000 by M. Ray Gregg. All rights reserved. Yes Deduct FMV up to 30% of AGI * Deduct Adjusted Basis up to 50% of AGI * No Is FMV < Adjusted Basis?

15 Problem a.$40,000 FMV30% limit b.$10,000 basis50% limit c.$100,000 FMV30% limit d.$50,000 basis50% limit

Determining the Contributions Deduction For Gifts to PUBLIC Charities Cash? Yes Deductible up to 50% of AGI * No Capital Gain Property? Yes No Both tangible and personal? Is FMV < Adjusted Basis? Yes Deduct FMV up to 50% of AGI * Deduct Adjusted Basis up to 50% of AGI * No Yes Used in exempt function? No Deduct FMV up to 30% of AGI * Deduct Adjusted Basis up to 50% of AGI * Yes Choose One: * Excess amounts may be carried forward for 5 years Copyright © 2000 by M. Ray Gregg. All rights reserved. Yes Deduct FMV up to 30% of AGI * Deduct Adjusted Basis up to 50% of AGI * No Is FMV < Adjusted Basis?

17 Problem a.$40,000 FMV30% limit b.$10,000 basis50% limit c.$100,000 FMV30% limit d.$50,000 basis50% limit e.$500 basis50% limit

18 Contributions Problem 7 – 56 Problem 7 – 54 Problem 7 – 61

19 Problem If sold then cash donated

20 Problem If sold then cash donated

21 Problem If sold then cash donated

22 Problem If sold then cash donated

23 Problem If sold then cash donated

24 Problem If sold then cash donated

25 Problem If sold then cash donated

26 Problem If sold then cash donated

27 Problem If stock donated

Determining the Contributions Deduction For Gifts to PUBLIC Charities Cash? Yes Deductible up to 50% of AGI * No Capital Gain Property? Yes No Both tangible and personal? Is FMV < Adjusted Basis? Yes Deduct FMV up to 50% of AGI * Deduct Adjusted Basis up to 50% of AGI * No Yes Used in exempt function? No Deduct FMV up to 30% of AGI * Deduct Adjusted Basis up to 50% of AGI * Yes Choose One: * Excess amounts may be carried forward for 5 years Copyright © 2000 by M. Ray Gregg. All rights reserved. Yes Deduct FMV up to 30% of AGI * Deduct Adjusted Basis up to 50% of AGI * No Is FMV < Adjusted Basis?

29 Choose one: Deduct Basis to 30% of AGI * to 50% of AGI * Deduct FMV $30,000 Problem If stock donated

30 Problem If stock donated

31 Problem If stock donated

32 Problem If stock donated

33 Problem If sold then cash donated: If stock donated:

40 Itemized Deductions Medical Taxes Interest Charitable Contributions Casualty Losses Other

41