This Year Darcy Made the Following Charitable Contributions Determine the Maximum Amount of Charitable Deduction for Darcy's Contribution

Essay

This year Darcy made the following charitable contributions:
$$\begin{array} { l l r r } { \text { Donee } } & { \text { Property } } & { \text { Cost } } & \text { FMV } \\\text { State University } & \text { IBM stock } & \$ 15,000 & \$ 10,500 \\\text { Salvation Amry } & \text { clothes } & 2,500 & 500 \\\text { State Art Museurn } & \text { painting } & 5,000 & 45,000 \\\text { City Hospital } & \text { cash } & 8,000 &\end{array}$$ Determine the maximum amount of charitable deduction for Darcy's contribution of the painting if her AGI is $80,000 this year.You may assume that both the stock and painting have been owned for 10 years and that the painting was used by the State Art Museum consistent with museum's charitable purpose.