Jimet, an unmarried
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Jimet, an unmarried taxpayer, qualified to
itemize deductions. Jimet's adjusted gross
income was $30,000 and he made a $
2,000 cash donation directly to a needy
family. During the year, Jimet also
donated stock, valued at $3,000, to his
church. Jimet had purchased the stock
four months earlier for $1,500. What was
the maximum amount of the charitable
contribution allowable as an itemized
deduction of Jimet's current year income
tax return?
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