In 2020, Latrell Made the Following Charitable Contributions

question 30

Essay

In 2020, Latrell made the following charitable contributions:
Determine the maximum amount of Latrell's charitable deduction assuming the Jones Foundation is a private nonoperating foundation and Latrell's AGI is $100,000 this year. You may assume that the stock and painting have been owned for 10 years.

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Definitions:

In Rem Jurisdiction

A legal principle that allows a court to exercise jurisdiction over a particular piece of property, regardless of who owns the property or where the owner is located.

Counterclaim

A legal claim made in response to the plaintiff’s initial claim in a civil suit. Unlike a defense, the counterclaim is the defendant’s affirmative attempt to obtain legal relief; in effect, it states a cause of action entitling the defendant to such relief. Often, the counterclaim must arise out of the occurrence that forms the basis for the plaintiff’s claim.

Compelled to Testify

The legal obligation of a witness to give testimony in a legal proceeding, even against their own interest, under penalty of law.

Affirmative Defense

A defense used in litigation where the defendant introduces evidence, which, if found to be credible, will negate criminal or civil liability, even if it is proven that the defendant committed the alleged act.