Steve made the following transfers during the year:

• $10,000 to Louisiana State University. The $10,000 contribution allows him to purchase football season tickets. Steve also bought the football season tickets at a cost of $5,000.
• $400 to the local public broadcast television station during the annual fund drive. In return for the $400 contribution, Steve received a mug and pen with the station's logo valued at $8.
• 1,000 shares of ABC stock to the United Way. At the date of the contribution, the stock had a fair market value of $50 per share. Steve's adjusted taxable basis in the stock was $10 per share and he held the stock long term.

Ignoring any AGI limitations, what is Steve's maximum charitable income tax deduction for this year?

Answer rating: 100% (QA)

To determine Steves maximum charitable income tax deduction for the year we need to calculate the de... View the full answer