What is steve maximum charitable income tax deduction

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Point 1: Steve made the following transfers during the year: $10,000 to Louisiana State University. The $10,000 contribution allows him to purchase football season tickets. Steve also bought the football season tickets at a cost of $5,000. $400 to the local public broadcast television station during the annual fund drive. In return for the $400 contribution, Steve received a mug and pen with the station's logo valued at $8. 1,000 shares of ABC stock to the United Way. At the date of the contribution, the stock had a fair market value of $50 per share. Steve's adjusted taxable basis in the stock was $10 per share and he held the stock long term.

Question 1: Ignoring any AGI limitations, what is Steve's maximum charitable income tax deduction for this year? Please show your work.

(a) $18,400.

(b) $50,400.

(c) $55,392.

(d) $58,400.

Reference no: EM132493526

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