Louise makes the following contributions during the current year:
$\begin{array}{lr}
\text { Purchase of raflle ticket from church } & \$ 50 \
\text { Cash given to church } & 200 \
\text { Chamber of Commerce dues } & 500 \
\text { Stock acquired in } 2003 \text { donated to State University } &\
\text { (Cost }=\$ 1,000 ; F \mathrm{MV}=\$ 1,800)\
\text {Clothing donated to Goodwill }\
\text { (Cost }=\$ 800 ; F M V=\$ 200)\
\text {Volunteer work at local hospital }\
\text { (Candy-striper uniform $ @ \$ 40 $ )}\
\end{array}$
If Louise's gross income is $35,000,what is her allowable charitable contribution?

Question

Louise makes the following contributions during the current year:
$\begin{array}{lr}
\text { Purchase of raflle ticket from church } & \$ 50 \
\text { Cash given to church } & 200 \
\text { Chamber of Commerce dues } & 500 \
\text { Stock acquired in } 2003 \text { donated to State University } &\
\text { (Cost }=\$ 1,000 ; F \mathrm{MV}=\$ 1,800)\
 \text {Clothing donated to Goodwill }\
\text { (Cost }=\$ 800 ; F M V=\$ 200)\
 \text {Volunteer work at local hospital }\
 \text { (Candy-striper uniform $ @ \$ 40 $ )}\
\end{array}$
If Louise's gross income is $35,000,what is her allowable charitable contribution?

Quizplus · Accepted Answer

The allowable charitable contributions include the cash given to the church ($200), the fair market value of the stock donated to the State University ($1,800), and the fair market value of the clothing donated to Goodwill ($200). The raffle ticket purchase, Chamber of Commerce dues, and volunteer work (including the uniform) are not deductible. Therefore, the total is $200 + $1,800 + $200 = $2,200.

Louise Makes the Following Contributions During the Current Year If Louise's Gross Income Is $35,000,what Is Her Allowable Charitable