Patrick’s records for the current year contain the following…
Patrick’s records for the current year contain the following information: -He donated stock having a fair market value of $5,000 to a qualified charitable organization. Patrick acquired the stock two years ago at a cost of $3,000. -He donated 20 hours of his time as a professional plumber to a qualified charitable organization. He bills his time to his customers at $50 per hour. -He also donated $7,500 cash to a qualified charitable organization. Patrick’s adjusted gross income for the year is $100,000. What is the amount of his charitable contribution deduction?