For the current year, Gina Hestopolis had adjusted gross income of $100,000. During the year, she contributed $6,000 to her church and an additional $3,000 to qualified charities. She also contributed religious artwork with a fair market value of $60,000 and a basis of $20,000 to her church. The church intends to display the religious artwork in the church foyer. If Gina chooses to itemize her deductions, what is the amount of her deductible charitable contribution in the current year?
A. $9,000.
B. $60,000.
C. $20,000.
D. $39,000.
Answer: D
You might also like to view...
In general, ________ status means the vendor is assured of a large percentage of the buyer's business and will get the first opportunity to earn new business.
A. preferred-supplier B. reseller C. relationship manager D. service provider E. retailer
A company engaging in global marketing must standardize all elements of the marketing mix everywhere in the world
Indicate whether the statement is true or false
An IRS-allowed reduction in your income for yourself, your spouse, and any dependents that is subtracted before you compute your taxes is called a(n)
A) itemized exemptions. B) standard exemptions. C) marital exemptions. D) personal exemptions.
In general, to require job applicants to pass an aptitude tests is:
a. invalid because they are related to job performance b. valid if given only to minorities c. valid if given to every job applicant at a company d. valid if one of the tests certified by the Department of Labor e. none of the other choices