Ray ray made the following contributions this, Ask an Expert

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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	20,000

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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Taxation, Accounting

Category:- Taxation
Reference No.:- M91579820

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