Solved: Determine the amount of charitable contribution, Taxation

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Determine the amount of charitable contribution

Response to the following problem:

Coattail corporation manufactures and sells women and children's coats this year coattail donated 1000 coats to a qualified public charity. Fair market value of each coat was $80. Determine the amount of charitable contribution. The taxable income limitation does not apply. Adjusted basis in each coat was $30.

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Taxation: Determine the amount of charitable contribution

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