Don donates a truck that was used in his business to his church in 2019. The...
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Don donates a truck that was used in his business to his church in 2019. The truck, which was purchased for $2,500, has an adjusted basis of $810 and a FMV of $1,600 at the time of the contribution. The church sold the truck without using it. Don has a contribution base of $10,000. Compute Don's 2019 contribution deduction. Don donates a truck that was used in his business to his church in 2019. The truck, which was purchased for $2,500, has an adjusted basis of $810 and a FMV of $1,600 at the time of the contribution. The church sold the truck without using it. Don has a contribution base of $10,000. Compute Don's 2019 contribution deduction.
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SOLUTION The amount of the contribution deduction that Don can claim for the donation of the truck t... View the full answer
Related Book For
South-Western Federal Taxation 2018 Comprehensive
ISBN: 9781337386005
41st Edition
Authors: David M. Maloney, William H. Hoffman, Jr., William A. Raabe, James C. Young
Posted Date:
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