In 2021 Ron and Hermione made the following contributions to the following organizations.
Category
Charity
Property
Cost
FMV
Goodwill
Clothes and misc. household items (several years old)
$25,700
$5,350
Hogwarts Museum
Coin Collection
$12,500
$30,900
Ron and Hermione’s best friends whose house burned down
Cash
$3,500
$3,500
Salvation Army
Cash
$15,700
$15,700
Toys for Tots
New toys
$6,500
$6,500
Henry Ford Hospital
Rigor stock (held 3 years)
$22,000
$10,000
Wayne State University
Exxon Mobil Stock (held 5 years)
$26,900
$69,500
High School
Stock (held 6 months)
6,500
10,000
Wayne State University
Cash
13,000
$13,000
Determine the contribution category for each of these contributions – assuming that the Hogwarts Museum plans to display the coin collection in the museum – and place in the column above.
Determine Ron and Hermione’s maximum deductible charitable contribution (for each category) (and any carryover) assuming their AGI is $220,000.
Category
Amount
Cash
50%
30%
Carryover
Show Work for any potential partial credit