Zeke Made the Following Donations to Qualified Charitable Organizations During

question 79

Multiple Choice

Zeke made the following donations to qualified charitable organizations during 2012: 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 2012 is:

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

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Definitions:

Employer-sponsored Retirement Plan

An employer-sponsored retirement plan is a savings plan set up by employers to help employees prepare for retirement, with common types being 401(k) and 403(b) plans.

Deductible Contribution

An eligible contribution to a qualified plan or account that reduces taxable income.

Coverdell Education Savings Account

A savings account that allows money to grow tax-free when the funds are used for education expenses.

AGI

Adjusted Gross Income, which is gross income minus adjustments, serving as the basis for calculating taxable income.