Question
On December 1, 2014, Mr. and Mrs. Tyler purchased four tickets for a New Year's Eve party at their church, a qualified charitable organization. Each
On December 1, 2014, Mr. and Mrs. Tyler purchased four tickets for a New Year's Eve party at their church, a qualified charitable organization. Each ticket cost $75 and had a FMV of $50. The Tylers gave two of the tickets to a needy family in the community. Mr. Tyler tended bar at the party from 8pm to 4am and was paid $40. The usual charge for such services is $80. Immediately before midnight, Mr. Tyler pledged $200 to the church's building fund and delivered a check for that amount on January 2, 2015. Of the amounts described above, what is the total amount the Tylers can deduct as a charitable contribution deduction for 2014?
a. | $50 | |
b. | $100 | |
c. | $140 | |
d. | $340 | |
e. | None of the above. |
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