Madeline made a cash gift of $30,000 to the American Cancer Society, a qualified public charity. Madeline itemizes her deductions and has an adjusted gross income of $48,000. What is the maximum income tax deduction allowable to Madeline in the current year for her charitable contribution?
Madeline made a cash gift of $30,000 to the American Cancer Society, a qualified public charity. Madeline itemizes her deductions and has an adjusted gross income of $48,000. What is the maximum income tax deduction allowable to Madeline in the current year for her charitable contribution?
Chapter8: Taxation Of Individuals
Section: Chapter Questions
Problem 43P
Related questions
Question
Madeline made a cash gift of $30,000 to the American Cancer Society, a qualified public charity. Madeline itemizes her deductions and has an adjusted gross income of $48,000.
What is the maximum income tax deduction allowable to Madeline in the current year for her charitable contribution?
A)
$28,800
B)
$9,000
C)
$30,000
D)
$14,400
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT