Stock in the ABC Corporation was contributed to the London School of Economics and Business, a public
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Question:
Stock in the ABC Corporation was contributed to the London School of Economics and Business, a public school in the United Kingdom. The basis in the stock was $1,000, but its fair market value was $1,500 at the time of the donation. Indicate the correct income tax treatment as a result of the donation. The stock was held long term.
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