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.

---

Definitions:

Imperative

is something that is considered necessary or of utmost importance.

Social System

An organized and interconnected set of social relationships and institutions that together form a cohesive network within a society.

Postulate of Indispensability

A theory suggesting that certain roles in society or social systems are so important that the individuals occupying them must be highly rewarded to ensure these positions are filled.

Social

Pertaining to society or its organization, emphasizing interactions and relationships among individuals within a community.