Question
Fran, whose adjusted gross income (AGI) for the year is $80,000, makes the following donations in the current year: Used clothes and household items to
Fran, whose adjusted gross income (AGI) for the year is $80,000, makes the following donations in the current year:
Used clothes and household items to Goodwill Industries --- cost = $6,000, fair value = $1,500
Microsoft stock, held two years, to University of Houston --- cost = $10,000, fair value = $25,000
What is Fran's maximum charitable contribution deduction for the current year?
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Accounting Information Systems
Authors: Vernon Richardson, Chengyee Chang, Rod Smith
2nd edition
