Sanchez incurred the following items:
|
Business income |
$80,000 |
|
Tax exempt interest income |
40,000 |
|
Payment to charity from 2012 income, paid March 1, 2013 |
20,000 |
Complete the following chart, indicating the charitable contribution deduction under the various assumptions.
|
Assumption |
2012 Deduction for Contribution |
|
Sanchez is a cash basis individual. |
|
|
Sanchez is an accrual basis corporation. |
|
|
Sanchez is a trust. |
|