Tax Treatment Of Charitable Contributions Wcu/Individual Taxation Assignment

404 words - 2 pages

Advanced Individual Taxation
Noncash Charitable Contributions and Foundations
Worth 15 points
Look at Romney’s 2011 Form 8283
1. What amount of deduction did Romney take for noncash charitable contributions? $920,573_____
2. What type of organization is the Tyler Charitable Foundation? (has now become Romney Foundation for Children)
· public charity, private operating foundation or private nonoperating foundation
3. Is the deduction valued at adjusted basis or fair market value? __FMV______________
4. Assuming the donation was capital gain property, what is the maximum amount of charitable deduction Romney would have been allowed in 2011 for this type of donation (show the calculation)? _______
AGI=$13,696,951 * 20%= $2,739,390
5. Section A, Part 1, Column (h) indicates “Method used to determine the fair market value.” For Romney’s contributions, there is a reference to TR REG #20.2031-2 (Treas. Reg. Sec. 20.2031-2). Find and cut & paste below the relevant reference from the Regulations. (Hint: Within Regulations, paragraphs are lower case letters and subparagraphs are numbers and I am expecting part of a subparagraph. Include only the relevant sentences.) (See CCH instructions for accessing authority.)
(1)   In general, if there is a market for stocks or bonds, on a stock exchange, in an over-the-counter market, or otherwise, the mean...

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