Watson donated a car to a charity that makes mechanical and cosmetic repairs to the cars before they are sold. Watson purchased the car new for $19,500, 5-years ago. During the time Watson owned the car, he paid $3,500 for repairs and improvements. The FMV of the car, as reported to him by the charitable organization, at the time of the donation was $4,600. After repairs and improvements, the car was purchased at auction for $11,750. What is the amount of Watson's allowable charitable deduction?

Answer rating: 100% (QA)

To determine Watsons allowable charitable deductionwe need to consider three options Option 1 Fair M... View the full answer