Patrick's Records for the Current Year Contain the Following Information

question 117

Multiple Choice

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?

• A)$11,300
• B)$11,500
• C)$13,300
• D)$13,500

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Definitions:

Protective Steps

Measures or actions taken to guard oneself or others against harm or unwanted outcomes.

Paths

Routes or courses of action that lead from one place to another, often metaphorically used to describe options or decisions in life.

Relationships End

The termination of a social or romantic bond between individuals, often due to conflict, incompatibility, or other factors.

Accounts

Financial records that summarize transactions over a period of time, showing assets, liabilities, and equity.