Determine the allowable charitable contribution in each of the following situations: a. Karen attends a charity auction

Question:

Determine the allowable charitable contribution in each of the following situations:
a. Karen attends a charity auction where she pays $250 for two tickets to a Broadway show. The tickets have a of $150.
b. State University holds a raffle to benefit the football team. Each raffle ticket costs $100, and only 500 tickets are sold, with the winner receiving $10,000. Gary buys two raffle tickets but does not win the $10,000 prize.
c. Peter is a nurse at a local hospital and earns $150 per day. One Saturday a month, he volunteers 8 hours of his time at a medical clinic in a neighboring town. The round-trip distance from Peter’s home to the clinic is 25 miles.
d. Jordan donates stock with a fair market value of $36,000 to Caulfield College. She acquired the stock in 1995 for $13,000. Her adjusted gross income is $60,000.

Face Value
Face value is a financial term used to describe the nominal or dollar value of a security, as stated by its issuer. For stocks, the face value is the original cost of the stock, as listed on the certificate. For bonds, it is the amount paid to the...