Ronaldo contributed stock worth $12,000 to the Children's Protective Agency,a qualified charity.He acquired the stock 20 months ago for $6,000.He may deduct $6,000 as a charitable contribution deduction (subject to percentage limitations).

Question

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Ronaldo can deduct the fair market value of the stock, $12,000, as a charitable contribution because it is a long-term capital gain property, held for more than one year.

Ronaldo Contributed Stock Worth $12,000 to the Children's Protective Agency,a