Verne feels very charitable in 2020, and makes the following payments:

$5000 to willow University

$10,000 to his local food bank, a qualified charity

45 hours of his time to the food bank (Verne earns $32 per hour)

$450 in expenses while volunteering at the food bank

$1000 to his friend running for mayor

IBM stock to a qualified charity; held for 5 years, FMV = $10,000, basis = $20,000

Exxon stock to a qualified charity; held for 3 years, FMV = $40,000, basis = $15,000 Verne has 2020 AGI of $75,000. What is his 2020 charitable contribution deduction and carryover, if any?

a. $37,500 deduction; $28,950 carryforward

b. $37,500 deduction; $3950 carryforward

c. None of these

d. $46,450 deduction; $0 carryforward

e. $45,000 deduction; $21,450 carryforward