Question
For the following, determine the amount of the allowable charitable deduction. Be sure to show any necessary calculations and provide explanations of how you determined
For the following, determine the amount of the allowable charitable deduction. Be sure to show any necessary calculations and provide explanations of how you determined the deductible amount.
| Margaret has adjusted gross income of $40,000. She made the following contributions to qualified charities: | ||||
| Property Given | Basis | Fair Market Value | ||
| Household Furniture | $8,000 | $3,000 | ||
| Inventory from her retail store | 6,000 | 10,000 | ||
| GE stock (purchased in 1978) | 2,000 | 20,000 | ||
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Microeconomics Theory And Applications
Authors: Edgar K. Browning, Mark A. Zupan
10th Edition
0470128917, 9780470128916
