Dwayne contributed stock worth $17,000 to a qualified charity.He acquired the stock fourteen months ago for $8,000.He may deduct $17,000 as a charitable contribution deduction (subject to percentage limitations).

Question

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Dwayne can deduct the fair market value of the stock at the time of contribution, which is $17,000. The fact that he acquired the stock for $8,000 is irrelevant for determining the charitable contribution deduction.

Dwayne Contributed Stock Worth $17,000 to a Qualified Charity