Stewart had adjusted gross income of $22,000 in 2020. During the year, he made the following contributions to qualified charities: - $14,000 cash - 1,000 shares of Able Corporation common stock, acquired in 2011 (cost and fair market value of $2,000) Considering the charitable contribution deduction limitation, what amount can Stewart claim as a deduction for charitable contributions in 2020? a.$12,000 b.$5,000 c.$11,000 d.$14,000 e.None of these choices are correct.

Stewart had adjusted gross income of $22,000 in 2020. During the year, he made the following contributions to qualified charities: - $14,000 cash - 1,000 shares of Able Corporation common stock, acquired in 2011 (cost and fair market value of $2,000) Considering the charitable contribution deduction limitation, what amount can Stewart claim as a deduction for charitable contributions in 2020? a.$12,000 b.$5,000 c.$11,000 d.$14,000 e.None of these choices are correct.

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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