Arnold, a single individual, has adjusted gross income of $65,000 in the current year. Arnold donates the following items to his favorite qualified charities:

• $5,000 cash to the athletic department booster club at State University.This contribution gives him the right to purchase preferred seats to all home games.The value of this preferred right is $900.

• ABC stock acquired six years ago at a cost of $6,000. Its fair market value at the date of contribution was $22,000.

• Personal clothing items purchased two years ago at a cost of $1,000.Their fair market value at the date of contribution was $400.

How much can Arnold deduct for his charitable contributions in the current year?

AppendixLO1