Amount of charitable contribution deduction problem


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 stock 2 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 deduction for the year?

A) $4,600

B) $4,800

C) $5,100

D) $5,300

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Accounting Basics: Amount of charitable contribution deduction problem
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