FMV Cost ? This year Darcy made the following charitable contributions: 50. AGT

Question

FMV Cost ? This year Darcy made the following charitable contributions: 50. AGT DoneeProperty 30%. s FMV Cost tate University. ..IBM stock .clothes painting icash $15,000 $10,5 Army alvation State Art Museum City Hospital 2,500 5,000 45,0 . . 8,000 Determine the maximum amount of charitable deduction for Darcy's contribution of the painting if her AGI is $80,000 this year. You may assume that both the stock and painting have been owned for 10 years and that the painting was used by museum's charitable purpose. the State Art Museum consistent with

Explanation / Answer

The charitable deduction is $21,000 for the painting and $40,000 overall.

50 percent AGI limit $ $40,000

50 percent Contributions - cash 8,000

50 percent Contributions - clothes 500

50 percent Contributions – stock + 10,500

Total 50 percent contributions - 19,000

Maximum remaining contribution to reach 50 percent $ 21,000

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