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1.) Luna Corporation, a calendar year C corporation, makes the following donations to qualified charitable organizations during the current year: Adjusted Basis Fair Market Value
1.) Luna Corporation, a calendar year C corporation, makes the following donations to qualified charitable organizations during the current year:
Adjusted Basis | Fair Market Value | |
Painting held four years as an investment, to a church, which sold it immediately | $17,880 | $29,800 |
Apple stock held two years as an investment, to United Way, which sold it immediately | $46,935 | $104,300 |
Therefore, the total charitable contribution is $_______.
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