For the current year, Gina Hestopolis had adjusted gross income year and year, she contributed a total of $6,000 in cash to her church evenly throughout the an additional $3,000 in cash 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?Group of answer choices$9,000. $20,000.$35,400.$60,000.

For the current year, Gina Hestopolis had adjusted gross income year and year, she contributed a total of $6,000 in cash to her church evenly throughout the an additional $3,000 in cash 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?Group of answer choices$9,000. $20,000.$35,400.$60,000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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