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18 February, 16:26

Jinhee purchased a ticket to a concert to raise money for the local university. The ticket cost $250, but the normal cost of a ticket to this concert is $75. How much is deductible as a charitable contribution?

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  1. 18 February, 16:52
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    Amount deductible as a charitable contribution=$175.

    Explanation:

    Given dа ta:

    Cost at which the ticket is purchased=$250

    Actual cost of the ticket=$75

    Required:

    Amount deductible as a charitable contribution=?

    Solution:

    Any amount above the fair market value/Normal value will be the deductible charitable contribution.

    In our case:

    Amount deductible as a charitable contribution=Cost at which the ticket is purchased - Actual cost of the ticket.

    Amount deductible as a charitable contribution=$250-$75.

    Amount deductible as a charitable contribution=$175.
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