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.

---

Definitions:

Data Analytics

The science of analyzing raw data to make conclusions about that information, utilizing various techniques and tools.

Programming

The process of designing, writing, and testing computer programs or applications.

Gamification

The application of game-design elements and principles in non-game contexts to engage and motivate individuals to achieve their goals.

Part-Time Job

A job that requires fewer hours per week than a full-time job, often allowing for a more flexible work schedule.