Robert and Becky (husband and wife) are both lawyers and they contribute money to various organizations each year. They file a joint return and their adjusted gross income for 2015 is $100,000. They contributed to the following organizations in 2015:
• $5,000 to Alta Sierra country club
• $10,000 to prevent cruelty to animals
• $2,000 to State Bar Association Political Action Committee
• $12,000 to cancer research foundation
• Donated clothing to Salvation Army. (Robert purchased the items for $1,000, but the fair market value of the same items at a thrift store is equal to $50.)
How much can Robert and Becky deduct as charitable contributions for the year 2015?
A) $29,050.
B) $25,000.
C) $24,000.
D) $22,050.
Correct Answer:
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