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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 Submit

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 Submit

FINANCIAL ACCOUNTING
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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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 Submit
Transcribed Image Text: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 Submit
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