Ignacio and Perla Are Married and Both Are Professors at a Local

question 37

Multiple Choice

Ignacio and Perla are married and both are professors at a local college.They contribute money to various organizations each year and file a joint return.Their adjusted gross income for 2016 is $100,000.They contributed to the following organizations in 2016:
• $3,500 to the Sierra club
• $10,000 to the Red Cross
• $2,000 to a local political candidate
• $11,000 to cancer research foundation
• Donated clothing to Goodwill.Ignacio purchased the items for $450,but the thrift shop value of the same items at a local second-hand store is equal to $60.)
How much can Ignacio and Perla deduct as charitable contributions for the year 2016?

• A)$24,560.
• B)$26,560.
• C)$25,710.
• D)$26,500.

---

Definitions:

Confusion

The state of being bewildered or unclear in one's mind about something.

Accession

The process by which personal property becomes the property of another, usually through improvement or addition.

Adverse Possession

A legal principle that allows a person to claim ownership of property if they have occupied it for a certain period of time without the permission of the original owner, under certain conditions.

Present Transfer

The act of transferring ownership or interest in property or an asset to another party immediately, without delay.