Zeke Made the Following Donations to Qualified Charitable Organizations During

question 20

Multiple Choice

Zeke made the following donations to qualified charitable organizations during the year: The used clothing was donated to the Salvation Army;the other items of property were donated to Eastern State University.Both are qualified charitable organizations.Disregarding percentage limitations,Zeke's charitable contribution deduction for the year is:

• A)$43,350.
• B)$56,250.
• C)$59,250.
• D)$60,375.
• E)None of these.

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Definitions:

Consumption

The use of goods and services by households, involving the purchasing and utilization of commodities to satisfy needs and wants.

Specific Tax

A fixed amount imposed by the government on a product, service, or activity.

Price Elasticity

A measure that shows how much the quantity demanded of a good responds to a change in the price of that good.

Tax Borne

Refers to the entity (consumers, producers, or others) that ultimately pays the economic cost of a tax, regardless of who the tax is initially levied upon.