What is amount of tim''s charitable contribution deduction
Tim makes a $5,000 cash contribution to a public university. In that month he also donates $20,000 to an organization subject to the 30 percent limitation. Tim has AGI of $35,000. What is the amount of Tim's charitable contribution deduction?
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If Stacy had sold the building the $400,000 difference between the sales price and cost would have been a short-term capital gain. What is the amount of Stacy's deduction for this contribution, considering any limitation based on AGI.
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