Richard donates publicly traded Gold Company stock with a basis of $1,000 and a fair market value

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Richard donates publicly traded Gold Company stock with a basis of $1,000 and a fair market value of $15,000 to the college he attended, which is considered a public charity. Richard has owned the shares for 10 years. How is this contribution treated on Richard’s tax return?
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Income Tax Fundamentals 2015

ISBN: 9781305177772

33rd Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven Gill

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