LaCharles Made a Charitable Contribution of Property That He Valued

question 38

Essay

LaCharles made a charitable contribution of property that he valued at $90,000.He deducted this amount as an itemized deduction on his tax return.The IRS can show that the actual value of the property is $50,000.LaCharles is in the 30% Federal income tax bracket.Determine LaCharles's amount due for both tax and any penalty.

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Definitions:

Marc Ecko

An American fashion designer, entrepreneur, and artist known for his clothing line and involvement in various media and entertainment sectors.

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A former New York City Police Department detective and media personality known for his work in law enforcement and television.

SWOT Model

A strategic planning tool that identifies strengths, weaknesses, opportunities, and threats related to business competition or project planning.

Strengths

Positive attributes or qualities that an individual possesses, which contribute to their overall effectiveness or success.