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Final Exam Caroline transfers $87,000 of stock to a charitable organization in return for a life annuity on her life valued at $40,000. With regard

Final Exam

Caroline transfers $87,000 of stock to a charitable organization in return for a life annuity on her life valued at $40,000. With regard to this transfer, how much is Carolines charitable income tax deduction?

Select one: a. $0. b. $40,000. c. $47,000. d. $87,000.

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