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Masouds records reflect the following information: 1. Paid $550 dues to a fraternal organization (such as the Elks Club). 2. Donated stock having a fair
Masouds records reflect the following information: 1. Paid $550 dues to a fraternal organization (such as the Elks Club). 2. Donated stock having a fair market value of $6,000 to a qualified charitable organization. He purchased the stock 2 years earlier for $4,500. 3. Paid $2,500 cash to qualified public charitable organizations.
Masoud's adjusted gross income for this year was $50,000. What is the amount of his charitable contribution deduction for the year?
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