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

question 378

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 donated 20 hours of his time as a professional plumber to a qualified charitable organization. He bills his time to his customers at $50 per hour.
- 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 deduct

• A) $12,500
• B) $13,500
• C) $11,500
• D) $10,500

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