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

question 39

Short Answer

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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Definitions:

Parent

An individual who has a biological or legal responsibility for raising and caring for a child.

Talcott Parsons

An influential American sociologist known for his contributions to social theory, particularly the action theory and the systems theory.

Progressed

Progressed denotes the advancement or forward movement towards achieving a goal or improving in a certain aspect.

Defined

Clearly characterized or delineated; having a clear description or boundary.