Erin's Records Reflect the Following Information: 1

question 79

Multiple Choice

Erin's records reflect the following information: 1.Paid $200 dues to a fraternal organization (such as the Elks Club) .
2) Donated stock having a fair market value of $3,500 to a qualified charitable organization.She purchased the stock 2 years earlier for $3,000.
3) Paid $1,600 cash to qualified public charitable organizations.
Erin's adjusted gross income for this year was $50,000.What is the amount of her charitable contribution deduction for the year?

• A)$4,600
• B)$4,800
• C)$5,100
• D)$5,300

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Definitions:

Gallon

A gallon is a unit of volume measurement used primarily in the United States, equal to 3.785 liters.

Externality

An outcome from economic actions affecting external third parties not related to the activity, which could be either advantageous or detrimental.

Market

A system or an area where buyers and sellers interact to trade goods, services, or financial instruments.

Positive Externality

A benefit gained by a third party not directly involved in a transaction or activity, where the social or economic gain is not reflected in the market price.