Zeke Made the Following Donations to Qualified Charitable Organizations During

question 133

Multiple Choice

Zeke made the following donations to qualified charitable organizations during the year: $$\begin{array} { l r r r } & \text { Basis } & \underline { \text { Fair Market } } \\&& \underline { \text { Value } }\\\begin{array} { l } \text { Used clothing (all acquired more than a year ago) of } \\\text { taxpayer and his family }\end{array} & \$ 1,350 & \$ 375 \\\begin{array} { l } \text { Stock in ABC, Inc., held as an investment for fifteen } \\\text { months }\end{array} & 12,000 & 10,875 \\\begin{array} { l } \text { Stock in MNO, Inc., held as an investment for eleven } \\\text { months }\end{array} & 15,000 & 18,000 \\\text { Real estate held as an investment for two years } & 15,000 & 30,000\end{array}$$ ? The used clothing was donated to the Salvation Army; the other items of property were donated to Eastern State University.Both are qualified charitable organizations.Disregarding percentage limitations, Zeke's charitable contribution deduction for the year is:

• A)$43,350.
• B)$56,250.
• C)$59,250.
• D)$60,375.
• E)None of the above.

---

Definitions:

Shipment Seized

Refers to the action taken by authorities to take hold of a shipment due to various reasons such as legal issues or contraband.

Equilibrium Price

The price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers.

Fine

A monetary penalty imposed by an authority on individuals or entities as punishment for violating laws or regulations.

Supply Curve

A graphical representation of the relationship between the price of a good and the quantity of the good that suppliers are willing and able to sell, usually upward-sloping.