Jim purchases a ticket for $80 for a special concert by the symphony (a qualified charity). If...
Question:
Jim purchases a ticket for $80 for a special concert by the symphony (a qualified charity). If the price of a ticket is normally $25, what is the amount allowed as a charitable deduction?
a) $80
b) $25
c) $55
d) $0
e) None of the above
Qualified Charity:
A qualified charity refers to the donations and contributions given to a nonprofit organization which has been qualified for tax exempt status under IRS. For example, donations to mosques, temples, churches are qualified charity.
Answer and Explanation: 1
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View this answerThe answer of the above question is c) $55.
If you receive some sort of compensation for your donation like tickets for concert, only the amount...
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