Amount of charitable contribution, Accounting Basics

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Amount of charitable contribution

Sascha contributes some common stock that she held long-term to a public charity. On the date of the contribution, Sascha's basis in the common stock was $12,000 and the fair market value was $5,000. What is the amount of charitable contribution allowed (before considering any potential percentage limitation)?

a. $0

b. $5,000

c. $7,000

d. $12,000

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Accounting Basics: Amount of charitable contribution

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Accounting Basics: Amount of charitable contribution

Reference No:- TGS038849

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Recent Questions Asked Accounting Basics

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Accounting Basics: Amount of charitable contribution

Reference No:- TGS038849

Recent Questions Asked Accounting Basics

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