Multiple Choice
Zeke made the following donations to qualified charitable organizations during the year:
Basis
Fair Market Value
Used clothing (all acquired more than a year ago) of taxpayer and his family
$ 1,350
$ 375
Stock in ABC,Inc. ,held as an investment for fifteen months
12,000
10,875
Stock in MNO,Inc. ,held as an investment for eleven months
15,000
18,000
Real estate held as an investment for two 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 charitable contribution deduction for the year is:
A) $43,350.
B) $56,250.
C) $59,250.
D) $60,375.
E) None of the above.
Correct Answer:

Verified
Correct Answer:
Verified
Q6: A phaseout of certain itemized deductions applies
Q37: During the year, Eve (a resident of
Q39: Phyllis,a calendar year cash basis taxpayer who
Q44: Paul,a calendar year married taxpayer,files a joint
Q45: Interest paid or accrued during the tax
Q48: Judy paid $40 for Girl Scout cookies
Q75: A taxpayer pays points to obtain financing
Q77: In Piatt County, the real property tax
Q78: In order to dissuade his pastor from
Q79: Al contributed a painting to the Metropolitan