William and Kate made a $70,000 cash contribution to the children's research hospital in 2023. If their 2023 AGI is $100,000, and they itemize their 2023 federal return, what is the maximum they can deduct for this contribution? A) $70,000 B) $60,000 C) $35.000 D) $10,000

William and Kate made a $70,000 cash contribution to the children's research hospital in 2023. If their 2023 AGI is $100,000, and they itemize their 2023 federal return, what is the maximum they can deduct for this contribution? A) $70,000 B) $60,000 C) $35.000 D) $10,000

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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Question

William and Kate made a $70,000 cash contribution to the children's research hospital in
2023. If their 2023 AGI is $100,000, and they itemize their 2023 federal return, what is the
maximum they can deduct for this contribution?
A) $70,000
B) $60,000
C) $35.000
D) $10,000
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