Patrick's adjusted gross income for the year is $100,000. What is the amount of his charitable contribution deduction?
Patrick's records for the current year contain the following information:
-He donated stock having a fair market value of $5,000 to a qualified charitable organization. Patrick acquired the stock two years ago at a cost of $3,000.
-He donated 20 hours of his time as a professional plumber to a qualified charitable organization. He bills his time to his customers at $50 per hour.
-He also donated $7,500 cash to a qualified charitable organization.
A) $10,500
B) $11,500
C) $12,500
D) $13,500
C) $12,500
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Answer the following statement true (T) or false (F)
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