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Determine the maximum amount of charitable deduction

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Reference no: EM13905883

Ray Ray made the following contributions this year.

Charity

Property

Cost

FMV

Athens Academy School

cash

$ 5,000

$ 5,000

United Way

cash

4,000

4,000

American Heart Association

Antique painting

15,000

75,000

First Methodist Church

Coca-Cola stock

12,000

20,000

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: EM13905883

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