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Joan a single mom has been collecting rare coins for the last several years. She...

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Accounting

Joan a single mom has been collecting rare coins for the last several years. She is getting old and in 2014, she gathered her coins and took to her longtime friend who owns several pawn shops in Houston. The owner of pawn shop valued these coins at $80,000. She donated coins to a public charity and deducted $80,000 charitable deduction on her tax return 2014 tax return. IRS denied the deduction. Why the deduction was disallowed?

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