Arnold, a single individual, has adjusted gross income of $65,000 in the current year. Arnold donates the
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• $5,000 cash to the athletic department booster club at State University. This contribution gives him the right to purchase preferred seats to all home games. The value of this preferred right is $900.
• ABC stock acquired six years ago at a cost of $6,000. Its fair market value at the date of contribution was $22,000.
• Personal clothing items purchased two years ago at a cost of $1,000. Their fair market value at the date of contribution was $400.
How much can Arnold deduct for his charitable contributions in the current year?
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Related Book For
Taxation For Decision Makers 2014
ISBN: 9781118654545
6th Edition
Authors: Shirley Dennis Escoffier, Karen Fortin
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