Ruth Lewis has adjusted gross income of $100,000 for 2016 and itemizes her deductions. On September 1, 2016, she made a contribution to a private nonoperating foundation (not a 50% charity) of stock held for investment for 2 years that cost $25,000 and had a fair market value of $70,000. The foundation sold the stock for $70,000 on the same date. Assume that Lewis made no other contributions during 2016. How much should Lewis claim as a charitable contribution deduction for 2016?
a) $25,000
b) $30,000
c) $50,000
d) $20,000
Ans: d) $20,000
Business
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