In March of 2016, Thomas makes a $5,000 cash contribution to a public university. In that month,
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In March of 2016, Thomas makes a $5,000 cash contribution to a public university. In that month, he also donates $20,000 to an organization subject to the 30 percent limitation. Thomas has adjusted gross income for 2016 of $35,000. What is the amount of Thomas’s 2016 charitable contribution deduction?
a. $5,000
b. $23,000
c. $10,500
d. $15,500
e. None of the above
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In 2016 charitable contribution deductions are subject to certain limitations based on the taxpayer...View the full answer
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Related Book For 
Income Tax Fundamentals 2017
ISBN: 9781305872738
35th Edition
Authors: Gerald E. Whittenburg, Steven Gill, Martha Altus Buller
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