Question
Zeke made the following donations to qualified charitable organizations during the year: Basis Fair Market Value Used clothing (all acquired at least 18 months ago)
Zeke made the following donations to qualified charitable organizations during the year:
| Basis | Fair Market Value | |
| Used clothing (all acquired at least 18 months ago) of taxpayer and his family | $1,350 | $375 |
| Stock in ABC, Inc., held as an investment for 15 months | $12,000 | $10,875 |
| Stock in MNO, Inc., held as an investment for 11 months | $15,000 | $18,000 |
| Real estate held as an investment for 2 years | $15,000 | $30,000 |
The used clothing was donated to the Salvation Army; the other items of property were donated to Eastern State University. Both are qualified charitable organizations. Disregarding percentage limitations, Zeke's current charitable contribution deduction is:
$43,350 $56,250. $59,250. $60,375. None of the above
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Government and Not for Profit Accounting Concepts and Practices
Authors: Michael Granof, Saleha Khumawala, Thad Calabrese, Daniel Smith
7th edition
1118983270, 978-1119175025, 111917502X, 978-1119175001, 978-1118983270
