During 2021, Ellen Evans, made cash contributions, as listed...

50.1K

Verified Solution

Question

Accounting

During 2021, Ellen Evans, made cash contributions, as listed below. Cash contribution to her church Cash contribution to the government of the Commonwealth of Virginia Cash contribution to the Democratic party $4,000 Ellen also made in-kind contributions, as listed below. Contribution of used clothing to the Salvation Army (market value of $300, basis of $1,900) Contribution of XYZ, Inc. capital stock with a long-term holding period (market value of $10,000, basis of $7,000 ) Finally, Ellen, a self employed attorney, performed 10 hours of legal services for her church at no charge. Assume that Ellen normally charges $250 per hour for her services. Assuming that Ellen has substantial adjusted gross income and that the charitable contribution percentage limitation is not an issue, what total charitable contribution amount may Ellen claim on her 2019 Form 1040? ABCD$15,80017,80018,30015,300 E None of the above

Answer & Explanation Solved by verified expert

0.0 Ratings ( Votes)

To calculate the total charitable contribution amount Ellen can claim on her 2019 Form 1040 we need to sum up her cash contributions inkind contributions and the value of her legal services See Answer

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!

Become a Member