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20. LO.6 Donna donates stock in Chipper Corporation to the American Red Cross on September 10, 2023. She purchased the stock for $18,100 on December
20. LO.6 Donna donates stock in Chipper Corporation to the American Red Cross on September 10, 2023. She purchased the stock for $18,100 on December 28, 2022, and it had a fair market value of $27,000 when she made the donation. a. What is Donna's charitable contribution deduction? b. Assume instead that the stock had a fair market value of $15,000 (rather than $27,000 ) when it was donated to the American Red Cross. What is Donna's charitable contribution deduction? c. What documentation should you request from Donna to confirm the amount of her charitable contribution deduction? 25. LO.2 For calendar year 2023, Giana was a self-employed consultant with no employees. She had $80,000 of net profit from consulting and paid $7,000 in medical insurance premiums on her policy covering 2023. How much of these premiums may Giana deduct as a deduction for AGI? How much may she deduct as an itemized deduction (subject to the AGI floor)
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