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Gold Corporation (a calendar year taxpayer) is engaged in the business of retailing children's apparel and makes the following donations during the year: Adjusted Basis

Gold Corporation (a calendar year taxpayer) is engaged in the business of retailing children's apparel and makes the following donations during the year:

Adjusted Basis

Fair Market

Value

Children's clothing (held as inventory)

to Goodwill's "Clothes for Needy Tots"

$5,000

$6,400

Stock in Exxon acquired six months ago and held as

an investment to a Lutheran Church seminary

4,000

4,500

Art acquired as an investment 16 months ago to SPCA (animal shelter) and SPCA sold the art 2 months later.

5,000

5,800

What is the charitable deduction for this year for the item shown?

  1. Clothes ___________________________
  2. EXXON ___________________________

C. Art ___________________________

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