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Patrick has an adjusted gross income of $160,000 in the current year. He donated $30,000 is cash to a public charity; capital gain property with
Patrick has an adjusted gross income of $160,000 in the current year. He donated $30,000 is cash to a public charity; capital gain property with a basis of $15,000 but a fair market value of $40,000 to a public charity; and publicly traded stock with a basis of $20,000 and a fair market value of $35,000 to a private nonoperating foundation. What is deductible as a charitable contribution for the current year? $30,000 in cash to the public charity, $40,000 in property to public charity, and $8,000 in stock to the private nonoperating foundation $30,000 in cash to the public charity, $40,000 in property to public charity, and $32,000 in stock to the private nonoperating foundation $30,000 in cash to the public charity, and $50,000 in property to public charity $30,000 in cash to the public charity, $48,000 in property to public charity, and $20,000 in stock to the private nonoperating foundation
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