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Heather makes cash contributions during the current year of $30,000 and donates property worth $40,000 to a local hospital. She purchased the property several years
Heather makes cash contributions during the current year of $30,000 and donates property worth $40,000 to a local hospital. She purchased the property several years ago for $32,000. Her adjusted gross income is $100,000. a. What is Heather's maximum deduction if the property is ordinary income property? b. What is Heather's maximum deduction if the property is long-term capital gain property?
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