Ask Question
9 May, 03:39

During the current year, Ralph made the following contributions to the University of Oregon (a qualified charitable organization):

Cash $63,000 Stock in Raptor, Inc. (a publicly traded corporation) 94,500

Ralph acquired the stock in Raptor, Inc., as an investment fourteen months ago at a cost of $42,000. Ralph's AGI for the year is $189,000. What is Ralph's charitable contribution deduction for the current year?

a. $56,700

b. $63,000

c. $94,500

d. $157,500

e. None of the above

+3
Answers (1)
  1. 9 May, 07:12
    0
    c. $94,500

    Explanation:

    Ralph's potential charitable contribution for year is Cash $63,000 and $Stock in Raptor Inc. $94,500.

    But allowable contribution for the year is 50% of AGI which is $189,000*50% = $94,500

    So Ralph's charitable contribution deduction for the current year is $94,500
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “During the current year, Ralph made the following contributions to the University of Oregon (a qualified charitable organization): Cash ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers