How much is Gabby’s charitable contribution deduction?
Gabby’s records contain the following information for 2020:
1. Donated stock having a fair market value of $3,600 to a qualified charitable organization. She acquired the stock five months previously at a cost of $2,400.
2. Paid $700 to a church so her daughter can attend summer camp.
3. Donated a stock having a fair market value of $ 2,000 to a qualified organization. She acquired the stock 10 years ago for $ 8,000.
4. Donated $ 50 to the Democratic National Political Party.
5. Drove 600 miles in her personal auto directly related to services she performed for her church.
6. Gabby spent 100 hours of volunteer time on # 4 above. She makes $ 25 per hour.
How much is Gabby’s charitable contribution deduction?
a. $ 11,652
b. $ 10,534
c. $ 10,484
d. $ 4,484
e. $ 4,450
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