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***Please show all steps and calculations for a good rating. I do not want just the answer, I want to know how to solve it***
***Please show all steps and calculations for a good rating. I do not want just the answer, I want to know how to solve it***
Patrick has an adjusted gross income of $120,000 in the current year. He donated $2,000 in cash to a public charity, capital gain property with a basis of $15,000 and a fa narket value of $35,000 to a public charity, and publicly traded stock with a basis of $12,000 and a fair market value of $25,000 to a private nonoperating foundation. Patrick leductible contribution for the current year is $13,000 in cash to the public charity, $35,000 in property to the public charity, and $24,000 in stock to the private nonoperating foundation. $62,000 in cash to the public charity, $35,000 in property to the public charity, and $24,000 in stock to the private nonoperating foundation. $62,000 in cash to the public charity, $10,000 in property to the public charity, and $0 stock to the private nonoperating foundation. $62,000 in cash to the public charity, $10,000 in property to the public charity, and $15,000 in stock to the private nonoperating foundationStep by Step Solution
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