How much qualifies as a charitable contribution?
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In 2004, Cobalt pays $5,000 to become a charter member of Private University's Athletic Council. The membership ensures that Cobalt will receive choice seating at all of Private's home football games. Also in 2004, Cobalt pays $1,000 (the regular retail price) for season tickets for himself and his wife. For these items, how much qualifies as a charitable contribution?
a. $0.
b. $1,000.
c. $4,000.
d. $6,000.
e. None of the above.
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The answer is a. 0$.
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