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Anna Smith, a single taxpayer, purchased a piece of land on Hawaii Island for $3,200 as an investment back in 20X1. Earlier this year on
"Anna Smith, a single taxpayer, purchased a piece of land on Hawaii Island for $3,200 as an investment back in 20X1. Earlier this year on January 14, 20X6, Anna Smith purchased $1,300 of stock as an investment. On June 5, 20X6, she donated the land and stock, with fair market values of $10,900 and $2,000 respectively, to her synagogue on Hawaii Island.
a) What is adjusted basis for stock in regards to Anna's charitable contribution deduction for 20X6 assuming her adjusted gross income (AGI) was $75,000 in 20X6?
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