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LO.6, 8 In December of each year, Eleanor Young contributes 10% of her gross income to the Unit ed Way (a 50% organization). Eleanor, who
LO.6, 8 In December of each year, Eleanor Young contributes 10% of her gross income to the Unit ed Way (a 50% organization). Eleanor, who is in the 24% marginal tax bracket, is considering the fol lowing alternatives for satisfying the contribution. Fair Market Value (1) Cash donation $23,000 (2) Unimproved land held for six years ($3,000 basis) 23,000 23.000 (3) Blue Corporation stock held for eight months ($3,000 basis) 23,000 (4) Gold Corporation stock held for two years ($28.000 basis) LO.6, 8 In December of each year, Eleanor Young contributes 10% of her gross income to the Unit ed Way (a 50% organization). Eleanor, who is in the 24% marginal tax bracket, is considering the fol lowing alternatives for satisfying the contribution. Fair Market Value (1) Cash donation $23,000 (2) Unimproved land held for six years ($3,000 basis) 23,000 23.000 (3) Blue Corporation stock held for eight months ($3,000 basis) 23,000 (4) Gold Corporation stock held for two years ($28.000 basis)
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