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:

Mainstream Culture

The dominant culture within a society, encompassing its widespread customs, values, practices, and media consumption.

Discriminated

Unfair treatment of individuals based on their race, gender, age, or other characteristics rather than their merits or abilities.

Social Mores

Social mores are widely accepted norms and values that govern behaviors within a society, acting as guidelines for social conduct.

Violation

The act or process of breaking a rule or law or failing to comply with a norm or condition.