Spencer, who itemizes deductions, had adjusted gross income of $60,000 in 2007. The following additional information is available for 2007:
|
Cash contribution to church |
$4,000 |
|
Purchase of art object at church bazaar (with a fair market value of $800 on the date of purchase) |
1,200 |
|
Donation of used clothing to Salvation Army (fair value evidenced by receipt received) |
600 |
What is the maximum amount Spencer can claim as a deduction for charitable contributions in 2007?
- $5,400
- $5,200
- $5,000
- $4,400