Compute hosta charitable contribution deduction

Assignment Help Accounting Basics

Reference no: EM13987695

The Hosta Trust reports gross rent income of $72,000, expenses attributable to the rents of $55,000, and tax-exempt interest from state bonds of $18,000. Under the trust agreement, the trustee is to pay 20% of the annual trust accounting income to the American Red Cross, a qualifying charitable organization. Compute Hosta's charitable contribution deduction.

Reference no: EM13987695

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