1. Jack Harrow has adjusted gross income of $40,000. During 2022, Jack contributed $5,000 in cash to his church and stock with a fair market value of $26,000 to the Salvation Army. The stock had cost Jack $16,000 5 years ago. What is Jack's potential itemized deduction for charitable contributions in 2022 and how does it affect future years? 

Answer rating: 100% (QA)

Jacks potential itemized deduction for charitable contributions in 2022 would be limited by the adju... View the full answer