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Greg made the following donations to qualified charitable organizations during the year: Basis Fair Market Value Raffle tickets purchased from United Church $ 100 $
Greg made the following donations to qualified charitable organizations during the year: Basis Fair Market Value Raffle tickets purchased from United Church $ 100 $ 75 Used clothing (all acquired more than a year ago) of taxpayer and his family 1,350 375 Stock in ABC, Inc., held as an investment for fifteen months 12,000 10,875 Stock in MNO, Inc., held as an investment for eleven months 15,000 18,000 Real estate held as an investment for two years 15,000 30,000 Painting held for 5 years 5,000 10,000 Cash 500 500 Dues paid to Fraternal Lodge 100 100 The used clothing was donated to the Salvation Army; the stock and real estate was donated to State University. The painting and cash were donated to United Church which immediately sold the painting for $10,000 in cash. He has all required documentation for the donations except for the cash donation. All donations were made to 50% qualified charitable organizations. Disregarding any percentage limitations, Max's potential charitable contribution deduction for the year is: $56,250 a. b. $61,250. $61,750. c. $61,850. None of the above. e
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