Question
Mia, who has adjusted gross income of $60,000 made the following donations in the current year: 1) Cash to Church Totaling $8,000 2) 100 shares
Mia, who has adjusted gross income of $60,000 made the following donations in the current year:
1) Cash to Church Totaling $8,000
2) 100 shares of IBM stock purchased several years ago for $20 per share, currently worth $50 per share, donated to a local college.
3)$500 given to a family whose house burned down
4) 3-year-old lawn mower given to the church, cost $800 but currently worth $200
5) Purchased a quilt at a charity auction, valued at $300, but paid $800 at the event.
What is MIa's maximum allowable charitable contribution deduction for the current year?
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