Respuesta :
Answer: c. $2,800.
Explanation:
Given data:
Cash to family members =$550
Cash to church = $2450
Cash for political campaigns = $550
Larry’s AGI = $60,500
Solution:
= $2450 to church + $350 on house hold items
= $2800.
Larry would only be allowed to count his contributions to the church, and the real value for the house hold items as his charitable contributions. Because both are recognized as non-profit organization's.
Answer:
c. $2,800
Explanation:
The maximum that an individual can donate to qualifying charities is 60% of his/her adjusted gross income. In this case, Larry can deduct donations to his church ($2,450) + fair market value of items donated to the Salvation Army ($350) = $2,800
Donations to political campaigns are not deductible, nor gifts to families.