1. Federal Income Tax Charitable Contributions

2. 2 Contributions Problem 7 - 56

3. 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. 4 Choose one: Deduct Basis to 30% of AGI * to 50% of AGI * Deduct FMV Problem 7 - 56

5. 5 Choose one: Deduct Basis to 30% of AGI * to 50% of AGI * Deduct FMV $50,000 30% x $100,000 = $30,000 Problem 7 - 56

6. 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 - 56

7. 7 Contributions Problem 7 - 56 Problem 7 - 54

8. 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. 9 Problem 7 - 54 a.$40,000 FMV30% limit

10. 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. 11 Problem 7 - 54 a.$40,000 FMV30% limit b.$10,000 basis50% limit

12. 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. 13 Problem 7 - 54 a.$40,000 FMV30% limit b.$10,000 basis50% limit c.$100,000 FMV30% limit

14. 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. 15 Problem 7 - 54 a.$40,000 FMV30% limit b.$10,000 basis50% limit c.$100,000 FMV30% limit d.$50,000 basis50% limit

16. 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. 17 Problem 7 - 54 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. 18 Contributions Problem 7 – 56 Problem 7 – 54 Problem 7 – 61

19. 19 Problem 7 - 61 If sold then cash donated

20. 20 Problem 7 - 61 If sold then cash donated

21. 21 Problem 7 - 61 If sold then cash donated

22. 22 Problem 7 - 61 If sold then cash donated

23. 23 Problem 7 - 61 If sold then cash donated

24. 24 Problem 7 - 61 If sold then cash donated

25. 25 Problem 7 - 61 If sold then cash donated

26. 26 Problem 7 - 61 If sold then cash donated

27. 27 Problem 7 - 61 If stock donated

28. 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. 29 Choose one: Deduct Basis to 30% of AGI * to 50% of AGI * Deduct FMV $30,000 Problem 7 - 61 If stock donated

30. 30 Problem 7 - 61 If stock donated

31. 31 Problem 7 - 61 If stock donated

32. 32 Problem 7 - 61 If stock donated

33. 33 Problem 7 - 61 If sold then cash donated: If stock donated:

40. 40 Itemized Deductions Medical Taxes Interest Charitable Contributions Casualty Losses Other

41. 41