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Please help, Income tax is the subject. Will give a thumbs up for your help. Appreciate it! :) Karin makes the following charitable donations in
Please help, Income tax is the subject. Will give a thumbs up for your help. Appreciate it! :) Karin makes the following charitable donations in the current year: 1. Inventory held for resale in Karin's business (a sole proprietorship) Market Value $8,000, Basis $8,200 2. Stock in James, Inc,, held as an investment (acquired two years ago) Market Value 20,000, Basis 15,000 3. Coin collection (acquired five years ago) Market Value 40,000 , Basis 5,000 The James stock and the inventory were given to Karin's church, and the coin collection was given to a food pantry. Both donees promptly sold the property for the stated fair market value. Disregarding percentage limitations, Karin's current charitable contribution deduction is
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