Madeline made a cash gift of $30,000 to the American Cancer Society, a qualified public charity. Madeline itemizes her deductions and has an adjusted gross income of $48,000. What is the maximum income tax deduction allowable to Madeline in the current year for her charitable contribution?
Madeline made a cash gift of $30,000 to the American Cancer Society, a qualified public charity. Madeline itemizes her deductions and has an adjusted gross income of $48,000. What is the maximum income tax deduction allowable to Madeline in the current year for her charitable contribution?
Chapter8: Taxation Of Individuals
Section: Chapter Questions
Problem 43P
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Question
Madeline made a cash gift of $30,000 to the American Cancer Society, a qualified public charity. Madeline itemizes her deductions and has an adjusted gross income of $48,000.
What is the maximum income tax deduction allowable to Madeline in the current year for her charitable contribution?
A)
$28,800
B)
$9,000
C)
$30,000
D)
$14,400
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