Question: Smith, a single individual, made the following charitable contributions during the current year. Smiths adjusted gross income is $60,000. Donation to Smiths church $5,000 Artwork

Smith, a single individual, made the following charitable contributions during the current year. Smith’s adjusted gross income is $60,000.

Donation to Smith’s church $5,000 Artwork donated to the local art museum. Smith purchased it for $2,000 four months ago. A local art dealer appraised it for 3,000 Contribution to a needy family 1,000 What amount should Smith deduct as a charitable contribution?

a. $5,000

b. $7,000

c. $8,000

d. $9,000

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