Potential percentage limitation basics, Accounting Basics

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Potential percentage limitation basics

Olga contributes some common stock that she held long-term to a public charity. On the date of the contribution, Olga's basis in the common stock was $12,000 and the fair market value was $7,000. 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: Potential percentage limitation basics

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Accounting Basics: Potential percentage limitation basics

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Recent Questions Asked Accounting Basics

Q : What is amount of net sales from the transactions

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Q : Deduction as the medical expense

Q : How variables will be affected by proposed steps

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Ask an Expert for Answer!!

Accounting Basics: Potential percentage limitation basics

Reference No:- TGS042397

Recent Questions Asked Accounting Basics

Q : What is amount of net sales from the transactions

Q : Determining the tax advantage of merger

Q : Deduction as the medical expense

Q : How variables will be affected by proposed steps

Q : Potential percentage limitation basics

Q : Evaluating the cost of preferred stock

Q : Analytical techniques and presenting information graphically

Q : Systems analysis phase of development

Q : Taxable income when charitable contribution is made

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