Business, 29.04.2021 16:40 AmaniHaikal
Steve made the following transfers during the year: • $10,000 to Louisiana State University. The $10,000 contribution allows him to purchase football season tickets. Steve also bought the football season tickets at a cost of $5,000. • $400 to the local public broadcast television station during the annual fund drive. In return for the $400 contribution, Steve received a mug and pen with the station’s logo valued at $8. • 1,000 shares of ABC stock to the United Way. At the date of the contribution, the stock had a fair market value of $50 per share. Steve’s adjusted taxable basis in the stock was $10 per share and he held the stock long term. Steve’s maximum charitable deduction is: A. $50,000 B. $50,900 C. $40,000 D. $50,400
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Steve made the following transfers during the year: • $10,000 to Louisiana State University. The $10...
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