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limitations, how much of the $34,000 contribution is deductible? $45,000 $34,000 $0 $17,000

limitations, how much of the $34,000 contribution is deductible? $45,000 $34,000 $0 $17,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Mariana contributed $34,000 in cash to a foreign charitable organization. Her AGI was $45,000. At the time of the contribution, the organization told her that her contribution was tax deductible for income tax purposes. Ignoring any income limitations, how much of the $34,000 contribution is deductible? $45,000 $34,000 $0 $17,000
Transcribed Image Text:Mariana contributed $34,000 in cash to a foreign charitable organization. Her AGI was $45,000. At the time of the contribution, the organization told her that her contribution was tax deductible for income tax purposes. Ignoring any income limitations, how much of the $34,000 contribution is deductible? $45,000 $34,000 $0 $17,000
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