Doris Donated a Diamond Brooch Recently Appraised at $25,000 to Her

question 5

Multiple Choice

Doris donated a diamond brooch recently appraised at $25,000 to her local church.Doris had purchased it many years ago for $10,000.The church sold the brooch to provide funding for church programming.Doris' AGI is $40,000.Doris will be able to take a charitable deduction of

• A)$10,000.
• B)$25,000.
• C)$12,000.
• D)$20,000.

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Definitions:

Matched by Employer

Pertains to contributions or payments, typically toward FICA taxes or retirement funds, that an employer duplicates for an employee.

Contingent Liability

A potential financial obligation that may occur or become payable in the future, depending on the outcome of a specific event.

Reasonably Possible

A term used in accounting and law to describe a situation or outcome that, while not certain, is more than a remote possibility.

Estimable

Capable of being estimated or appraised, often used in finance and accounting to describe assets or liabilities that can be accurately assessed.