Kate’s records for the year reflect the following information: Paid a church $9,500, of which $6,000 was contributed to the church and $3,500 was paid to enroll her child in its school. Paid $100 dues to a business organization. Paid $1,500 cash to qualified public charitable organizations. Donated stock having a fair market value of $1,500 to a qualified charitable organization. She purchased the stock 2 years earlier for $3,000. Kate’s adjusted gross income (AGI) for the year was $20,000. What is the amount of her charitable contribution deduction? Group of answer choices $7,500 $9,000 $13,500 $10,000
Kate’s records for the year reflect the following information: Paid a church $9,500, of which $6,000 was contributed to the church and $3,500 was paid to enroll her child in its school. Paid $100 dues to a business organization. Paid $1,500 cash to qualified public charitable organizations. Donated stock having a fair market value of $1,500 to a qualified charitable organization. She purchased the stock 2 years earlier for $3,000. Kate’s adjusted gross income (AGI) for the year was $20,000. What is the amount of her charitable contribution deduction? Group of answer choices $7,500 $9,000 $13,500 $10,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Kate’s records for the year reflect the following information:
Paid a church $9,500, of which $6,000 was contributed to the church and $3,500 was paid to enroll her child in its school.
Paid $100 dues to a business organization.
Paid $1,500 cash to qualified public charitable organizations.
Donated stock having a fair market value of $1,500 to a qualified charitable organization. She purchased the stock 2 years earlier for $3,000.
Kate’s adjusted gross income (AGI) for the year was $20,000. What is the amount of her charitable contribution deduction?
Group of answer choices
$7,500
$9,000
$13,500
$10,000
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