Madeline made a stock gift of $40,000 to the American Cancer Society, a qualified public...
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Accounting
Madeline made a stock gift of $40,000 to the American Cancer Society, a qualified public charity. Madeline itemizes her deductions and has an adjusted gross income of $120,000. What is the maximum income tax deduction allowable to Madeline in the current year for her charitable contribution? A) $60,000 B) $40,000 C) $36,000 D) $72,000
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