Erin's records reflect the following information: 1. Paid $200 dues to a fraternal organization (such as the Elks Club).
2) Donated stock having a fair market value of $3,500 to a qualified charitable organization. She purchased the st years earlier for $3,000.
3) Paid $1,600 cash to qualified public charitable organizations.
Erin's adjusted gross income for this year was $50,000. What is the amount of her charitable contribution deducti for the year?

Question

Quizplus · Accepted Answer

Erin can deduct the fair market value of the donated stock ($3,500) and the cash donation ($1,600) to qualified charitable organizations, totaling $5,100. The dues to the fraternal organization are not deductible.

Erin's Records Reflect the Following Information: 1