J contributed $10,000 to the University of Southern California and a long term capital asset worth $10,000(basis of $5000) to a private nonoperating… | Cheap Nursing Papers

J contributed $10,000 to the University of Southern California and a long term capital asset worth $10,000(basis of $5000) to a private nonoperating…

J contributed $10,000 to the University of Southern California and a long term capital asset worth $10,000(basis of $5000) to a private nonoperating foundation during 2011. Assuming his adjusted gross income for the year $24,000 answer the following a) what is the amount of J’ s contribution deduction for year 2011?b)how must any excess contribution be treated?c.) if J had come to you for advice before the gifts what advice would you have offered?

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