The used clothing was donated to the salvation army the, Ask an Expert

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Zeke made the following donations to qualified charitable organizations during the year:

Basis Fair Market
Value
Used clothing (all acquired at least 18 months ago) of taxpayer and his family $2,350 $675
Stock in ABC, Inc., held as an investment for 15 months $15,000 $12,875
Stock in MNO, Inc., held as an investment for 11 months $12,000 $20,000
Real estate held as an investment for two years $20,000 $35,000

The used clothing was donated to the Salvation Army; the other items of property were donated to Eastern State University. Both are qualified charitable organizations.

Disregarding percentage limitations, what is Zeke's current charitable contribution deduction ?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M954673

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