Determine what was maximum amount of charitable contribution

Reference no: EM132811647

Problem 1: Jackson, an unmarried taxpayer, qualified to itemize deductions. Jackson's adjusted gross income was $90,000 and he made a $20,000 cash donation directly to a needy family. During the year, Jackson also donated stock, valued at $30,000, to his church. Jackson had purchased the stock four months earlier for $15,000. What was the maximum amount of the charitable contribution allowable as an itemized deduction on Jackson's current year income tax return?

Reference no: EM132811647

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