ACCT 324 help A Guide to career/Snaptutorial ACCT 324 help A Guide to career/Snaptutorial | Page 17

Disregarding percentage limitations, Hannah's current charitable
contribution deduction is:
18. (TCO 3) Zeke made the following donations to qualified
charitable organizations during the year:
Basis
Fair Market
Value
Used clothing (all acquired at least 18 months ago) of taxpayer and
his family
$2,350
$675
Stock in ABC, Inc., held as an investment for 15 months
$15,000
$12,875
Stock in MNO, Inc., held as an investment for 11 months
$12,000
$20,000
Real estate held as an investment for two years
$20,000
$35,000
The used clothing was donated to the Salvation Army; the other items
of property were donated to Eastern State University. Both are
qualified charitable organizations.
Disregarding percentage limitations, Zeke's current charitable
contribution deduction is:
19. (TCO 3) Josh has investments in two passive activities. Activity
A, acquired three years ago, produces income in the current year of
$60,000. Activity B, acquired last year, produces a loss of $100,000
in the current year. At the beginning of this year, Josh's at-risk
amounts in Activities A and B are $10,000 and $100,000,
respectively. What is the amount of Josh's suspended passive loss
with respect to these activities at the end of the current year?