This Year Darcy Made the Following Charitable Contributions Determine the Maximum Amount of Charitable Deduction for Darcy's Contribution

question 4

Essay

This year Darcy made the following charitable contributions: $$\begin{array} { l l r r } { \underline { \text { Donee } } } & \underline { \text { Property } } & \underline { \text { Cost } } & \underline { \text { FMV } } \\\text { State University } & \text { IBM stock } & \$ 15,000 & \$ 10,500 \\\text { Salvation Army } & \text { clothes } & 2,500 & 500 \\\text { State Art Museum } & \text { painting } & 5,000 & 45,000 \\\text { City Hospital } & \text { cash } & 8,000 &\end{array}$$ Determine the maximum amount of charitable deduction for Darcy's contribution of the painting if her AGI is $80,000 this year. You may assume that both the stock and painting have been owned for 10 years.

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