Gwen Stefani makes the following charitable donations in the current year:
1. Inventory...
Gwen Stefani makes the following charitable donations in the current year:
1. Inventory held for resale in Gwen Stefani’s business (a sole proprietorship)
Basis $ 8,000, Market Value $ 7,200
2. Stock in Driskoll, Inc., held as an investment (acquired two years ago)
Basis 16,000, Market Value 40,000
3. Coin collection held as an investment (acquired five years ago)
Basis 4,000, Market Value 20,000
The Driskoll stock and the inventory were given to Gwen Stefani’s church, and the coin collection was given to the Salvation Army. Both donees promptly sold the property for the stated fair market value. Disregarding percentage limitations, Gwen Stefani’s current charitable contribution deduction is:
Answers: 2
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