Question
Rodney is single and has adjusted gross income of $100,000. He qualifies to itemize deductions for the current tax year. Rodney's only charitable contribution this
Rodney is single and has adjusted gross income of $100,000. He qualifies to itemize deductions for the current tax year. Rodney's only charitable contribution this year is an antique car that he had owned for 30 years that had a fair market value of $50,000 and adjusted basis of $15,000. What is the amount of charitable contributions deductible on Rodney's current year income tax return?
$ 0
$15,000
$30,000
$50,000
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Get StartedRecommended Textbook for
Payroll Accounting 2017
Authors: Bernard J. Bieg, Judith Toland
27th edition
ISBN: 1305675126, 1305675124, 9781305888586, 1305888588, 978-1337734776
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