During the Current Year,Ralph Made the Following Contributions to the University

question 92

Multiple Choice

During the current year,Ralph made the following contributions to the University of Oregon (a qualified charitable organization) :
Cash
$63,000
Stock in Raptor,Inc.(a publicly traded corporation)
94,500
Ralph acquired the stock in Raptor,Inc. ,as an investment fourteen months ago at a cost of $42,000.Ralph's AGI for the year is $189,000.What is Ralph's charitable contribution deduction for the current year?

• A)$56,700
• B)$63,000
• C)$94,500
• D)$157,500
• E)None of the above

---

Definitions:

Time Sheets

Time sheets are records used to track the amount of time an employee has worked, often used for payroll or billing purposes.

Internal Control

A process designed to ensure the reliability of financial reporting, compliance with laws and regulations, and the effectiveness and efficiency of operations.

Overtime Expense

Overtime expense refers to the additional costs incurred by an employer for paying employees at higher rates for working beyond their normal hours.

Product Warranty

A guarantee from the manufacturer or seller that a product will meet certain quality and reliability standards or that defective products will be repaired or replaced.