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Arnold is a single individual and has adjusted gross income of $65,000 in the current year. Arnold donates the following items to his favorite qualified
Arnold is a single individual and has adjusted gross income of $65,000 in the current year. Arnold donates the following items to his favorite qualified charities:
- $5,000 cash to the athletic department booster club at State University. This contribution gives him the right to purchase preferred seats to all home games.
- ABC stock acquired six years ago for $6,000. Its fair market value at the date of contribution was $22,000.
- Personal clothing items purchased two years ago for $1,000. Their fair market value at the date of contribution was $400.
- What is Arnold's charitable contribution deduction for the current year?
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