Hannah Makes the Following Charitable Donations in the Current Year

question 140

Multiple Choice

Hannah makes the following charitable donations in the current year: $$\begin{array} { l r r } & \text { Basis } & \begin{array} { r } \text { Fair Market } \\\text { Value }\end{array} \\\begin{array} { l } \text { Inventory held for resale in Hannah's business (a } \\\text { sole proprietorship) }\end{array} & \$ 8,000 & \$ 7,200 \\\begin{array} { l } \text { Stock in HBM, Inc., held as an investment } \\\text { (acquired four years ago) }\end{array} & 16,000 & 40,000 \\\text { Baseball card collection held as an } & 4,000 & 20,000\\\text { investment (acquired six years ago) }\end{array}$$ ? The HBM stock and the inventory were given to Hannah's church, and the baseball card collection was given to the United Way.Both donees promptly sold the property for the stated fair market value.Disregarding percentage limitations, Hannah's current charitable contribution deduction is:

• A)$28,000.
• B)$51,200.
• C)$52,000.
• D)$67,200.
• E)None of the above.

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Definitions:

Somatic Nervous System

Part of the peripheral nervous system that governs voluntary movements and transmits sensory and motor information to and from the central nervous system.

Central Nervous System

The system of neural tissue responsible for regulating bodily actions, consisting of both the brain and the spinal cord.

University of Michigan

A public research university in Ann Arbor, Michigan, known for its diverse and extensive research programs.

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