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Accounting

Stewart had adjusted gross income of $22,000 in 2012. During the year, he made the following contributions to recognized public charities:

$5,000 cash

1,000 shares of Able Corporation common stock, acquired in 1979 (cost and fair market value of $7,000)

Considering the charitable contribution deduction limitation, what amount can Stewart claim as a deduction for charitable contributions in 2012?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M940430

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