35. Nicks adjusted gross income is $60,000 in 2018. He donated a piece of artwork with a basis of $15,000 and a fair market value (FMV) of $30,000. He has owned the artwork for 12 years. The charity that Nick donated the artwork to is a public charity and will display the art work in its art center. What is the maximum charitable deduction in 2018 that Nick can take?

1. $0.
2. $15,000.
3. $18,000.
4. $30,000.

36. Masouds records reflect the following information:

1. Paid $550 dues to a fraternal organization (such as the Elks Club).

2. Donated stock having a fair market value of $6,000 to a qualified charitable organization. He purchased the stock 2 years earlier for $4,500.

3. Paid $2,500 cash to qualified public charitable organizations.

Masoud's adjusted gross income for this year was $50,000. What is the amount of his charitable contribution deduction for the year?

A) $2,500

B) $7,000

C) $8,500

D) $9,050

37. Chan reports the following income and loss:

Salary	$ 100,000
Income from activity A	75,000
Loss from activity B	( 40,000)
Loss from activity C	( 60,000)

Activities A, B, and C are all passive activities.

Based on this information, Chan has the following suspended losses

A)

Activity B	Activity C
$0	$0

B)

Activity B	Activity C
10,000	$15,000

C)

Activity B	Activity C
$12,000	$28,000

D)

Activity B	Activity C
$40,000	$60,000