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Wendy gave used furniture as a charitable contribution to a qualified charity. She bought the furniture over a year ago for $5,500. The fair market
Wendy gave used furniture as a charitable contribution to a qualified charity. She bought the furniture over a year ago for $5,500. The fair market value of the furniture at the time of donation was $500. How much of a miscellaneous itemized deduction for the charitable contribution of furniture can Wendy claim on her Federal Income Tax Return?
a. $0
b. $500
c. $5,000
d. $5,500
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