Question
Ray Ray made the following contributions this year. Charity Property Cost FMV Athens Academy School cash $ 5,000 $5,000 United Way cash 4,000 4,000 American
Ray Ray made the following contributions this year. Charity Property Cost FMV Athens Academy School cash $ 5,000 $5,000 United Way cash 4,000 4,000 American Heart Association Antique painting 15,000 75,000 First Methodist Church Coca Cola stock 12,000 21,000 Determine the maximum amount of charitable deduction for each of these contributions ignoring the AGI ceiling on charitable contributions and assuming that the American Heart Association plans to sell the antique painting to fund its operations. Ray Ray has owned the painting and Coca-Cola stock since 1990.
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