Question

Patrick has an adjusted gross income of $120,000 in the current year. He donated $50,000 in cash to a public charity; capital gain property with a basis of $15,000 but a fair market value of $35,000 to a public charity; and publicly traded stock with a basis of $12,000 and a fair market value of $25,000 to a private nonoperating foundation. What is deductible as a charitable contribution for the current year?

Answer 1

$8,000 bc (AGIx30%)- contributions

if this is a multiple choice question post the choices and i will tell you the corrrect one. thanks