In March of 2018, Thomas makes a $5,000 cash contribution to a public university. In that...
In March of 2018, Thomas makes a $5,000 cash contribution to a public university. In that month, he also donates $20,000 to an organization subject to the 30 percent limitation.
Thomas has adjusted gross income for 2018 of $30,000.
What is the amount of Thomas's 2018 charitable contribution deduction?
a.$15,500
b.$14,000
c.$5,000
d.$23,000
e.None of these choices are correct.
Homework Answers
Calculation of Thomas's 2018 charitable contribution deduction:
Charitable contribution Deduction = Cash contribution + [30% of adjusted gross income or actual property ,whichever is lower]
= 5,000+[(30,000*30%) or 20,000, which is lower]
= 5,000+[9,000 or 20,000]
= 5,000+9,000
= 14,000
Therefore, Option b is correct.
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