Author Question: Patrick's records for the current year contain the following information. -He donated stock having a ... (Read 80 times)

craiczarry · **on:** Sep 13, 2020

Patrick's records for the current year contain the following information.
-He donated stock having a fair market value of $5,000 to a qualified charitable organization. Patrick acquired the stock two years ago at a cost of $3,000.
-He paid $1,000 for membership in an athletic scholarship program maintained by the university. The only benefit of the membership is that Patrick is entitled to purchase a season ticket to the university's home football games.
-He also donated $7,500 cash to a qualified charitable organization. Patrick's adjusted gross income for the year is $100,000.
What is the amount of his charitable contribution deduction?
◦ $11,300
◦ $11,500
◦ $13,300
◦ $13,500

mammy1697 · **Reply #1 on:** Sep 13, 2020

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