Question
1.Kliff made the following transfers during the year: 100 shares of Amazon stock to the American Heart Association. At the date of the contribution, the
1.Kliff made the following transfers during the year:
100 shares of Amazon stock to the American Heart Association. At the date of the contribution, the stock had a fair market value of $3275.00 per share. Kliff's adjusted taxable basis in the stock was $100 per share and he held the stock long term.
$125,000 to Texas Tech University. The $125,000 contribution allows him to purchase football season tickets. Kliff also bought the football season tickets at a cost of $10,000.
$100,000 to St. Jude's Children's Hospital during a local radio broadcast during the annual fund drive. In return for the $100,000 contribution, Kliff received a St. Jude's Children's Hospital calendar with the radio station's logo valued at $15.
Ignoring any AGI limitations, what is Kliff's maximum charitable income tax deduction for this year?
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