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Ray Ray made the following contributions this year. Charity Property Cost FMV Athens Academy School Cash $ 7,450 $ 7,450 United Way Cash 6,700 6,700
Ray Ray made the following contributions this year.
Charity | Property | Cost | FMV | ||
Athens Academy School | Cash | $ | 7,450 | $ | 7,450 |
United Way | Cash | 6,700 | 6,700 | ||
American Heart Association | Antique painting | 19,350 | 96,750 | ||
First Methodist Church | Coca-Cola stock | 13,250 | 19,875 | ||
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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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