New TabAbout Us QChapter 8 Flashcar. Yahoo Search - We. How to take a scre.. G j
ID: 2334298 • Letter: N
Question
New TabAbout Us QChapter 8 Flashcar. Yahoo Search - We. How to take a scre.. G julianna vega- Healthcare Bay eBook Itemized Deductions (LO. 4) Heather makes cash contributions during the current year of $30,000 and donates property worth $40,000 to a local hospital. She purchased the property several years ago for $32,000. Her adjusted gross income is $100,000. a. What is Heather's maximum deduction if the property is ordinary income property? Calculator Feedback Check My Work b. What is Heather's maximum deduction if the property is long-term capital gain property? Feedback
Explanation / Answer
Solution:-
(a).
Adjusted gross income = $1,00,000
If the property is ordinary income property .
= 1,00,000 * 50%
= 1,00,000 * 0.5
= $50,000
(b).
Adjusted gross income = $1,00,000
If the property is long-term capital gain property.
= $1,00,000 * 30%
= $30,000