Ray Ray made the following contributions in 2023. Charity Property Cost FMV ...
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Accounting
Ray Ray made the following contributions in 2023.
Charity
Property
Cost
FMV
Athens Academy School
Cash
$ 8,400
$ 8,400
United Way
Cash
4,500
4,500
American Heart Association
Antique painting
15,650
78,250
First Methodist Church
Coca-Cola stock
12,200
18,300
Determine the maximum amount of charitable deduction for each of these contributions ignoring the AGI ceiling on charitable contributions and assuming that the American Heart Association plans to sell the antique painting to fund its operations. Ray Ray has owned the painting and Coca-Cola stock since 1990.
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