Patrick's Records for the Current Year Contain the Following Information

question 117

Multiple Choice

Patrick's records for the current year contain the following information. -He donated stock having a fair market value of $5,000 to a qualified charitable organization.Patrick acquired the stock two years ago at a cost of $3,000.
-He paid $1,000 for membership in an athletic scholarship program maintained by the university.The only benefit of the membership is that Patrick is entitled to purchase a season ticket to the university's home football games.
-He also donated $7,500 cash to a qualified charitable organization.Patrick's adjusted gross income for the year is $100,000.
What is the amount of his charitable contribution deduction?

• A)$11,300
• B)$11,500
• C)$13,300
• D)$13,500

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Definitions:

Tight Junction

A specialized connection between neighboring cells that creates a barrier to prevent the leakage of molecules across epithelial tissues.

Gap Junction

Specialized intercellular connections between a multitude of animal cell-types that permit the direct transfer of chemical and electrical signals.

Striations

Linear marks, slight ridges, or grooves on a surface, often characteristic of muscle fibers or certain types of rock.

Epithelial

Pertaining to the epithelium, a layer of cells covering the body surfaces, lining body cavities and forming many glands.