Question

Jed owns corporate stock with a tax basis of $5,000 and a fair market value of $47,000. If Jed contributes the stock to a charitable organization, he can take an itemized deduction of $

Answer 1

If Jed contributes the stock to a charitable organization, he can take an itemized deduction of $5,000.

What is Itemized deduction?

Itemized deduction can be defined as the money a tax payer can claim on their tax return so as to reduce their taxable income.

The tax basis  of the amount of $5,000 is the amount that Jed can take as an itemized deduction.

Therefore Jed can take an itemized deduction of $5,000.

Learn more about  itemized deduction here:https://brainly.com/question/15568825

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