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Tom made a charitable contribution to his church in the current year. He donated common stock valued at $20,000 (acquired as an investment in 1998 for $8,000). Tom's AGI in the current year is $50,000. a. What is his allowable charitable contribution deduction? b. How are any excess amounts treated?

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M92039439

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