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:

Ecosystem

A biological community of interacting organisms and their physical environment, interconnected through nutrient cycles and energy flows.

Homeostasis

The self-regulating process by which biological systems tend to maintain stability while adjusting to conditions that are optimal for survival.

Body Temperature

The measure of the body's ability to generate and get rid of heat, reflecting the balance between heat production and heat loss.

Organ System

A group of organs that work together to perform one or more functions within an organism.