Determine the maximum amount of charitable deduction

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Reference no: EM132218681

Question - Ray made the following contributions this year.

Charity	Property	Cost	FMV
Athens Academy School	Cash	$6,300	$6,300
United Way	Cash	7,050	7,050
American Heart Association	Antique painting	19,100	95,500
First Methodist Church	Coca-Cola stock	15,350	23,025

Determine the maximum amount of charitable deduction for each of these contributions ignoring the AGI ceiling on charitable contributions and assuming that the American Heart Association plans to sell the antique painting to fund its operations. Ray Ray has owned the painting and Coca-Cola stock since 1990.

Reference no: EM132218681

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