What is the maximum amount of charitable contribution

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Reference no: EM132824953

Problem 1: During Year 5, an unmarried taxpayer donated a refrigerator to a qualified organization that gives household goods to families in need. The taxpayer purchased the refrigerator in Year 1 for $900. The refrigerator's fair market value was $200 on the day of the donation. No other contributions were made in Year 5. What is the maximum amount of charitable contribution that may be deducted as an itemized deduction for the donated refrigerator for Year 5?

A. $0

B. $200

C. $700

D. $900

Reference no: EM132824953

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