Question
Juanita has decided to make charitable contributions of property this year. She donates a mural she created to a local art museum (adjusted basis $700,
Juanita has decided to make charitable contributions of property this year. She donates a mural she created to a local art museum (adjusted basis $700, fair market value $10,000). Juanita also donates art supplies from her home-based art supply business to a local elementary school (adjusted basis $500, fair market value $300). Finally, she donates ART World stock that she purchased 8 months ago to a political organization (adjusted basis $2,500, fair market value $3,500). Juanita's adjusted gross income is $75,000.
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