Rico makes $5,000 of cash donations in 2020. His itemized deductions exceed his standard deduction. What amount

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Rico makes $5,000 of cash donations in 2020. His itemized deductions exceed his standard deduction. What amount will Rico deduct as a for AGI deduction for charitable contributions? His AGI in 2020 is $48,000.
a. $300
b. $5,000
c. $4,800
d. $0
e. $48,000

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Income Tax Fundamentals 2021

ISBN: 9780357141366

39th Edition

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

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