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Determine his current year charitable contribution deduction

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George contributes $35,000 to his church and 100 shares of XYZ stock to the American Red Cross. The shares were purchased three years ago for $10,000 but were worth $18,000 as of the donation date. George's AGI this year is $100,000. Assuming no elections are made, determine his current year (2016) charitable contribution deduction and the amount of any carryover to next year (2017).

Provide the answer with adequate explanation of any calculations.

Reference no: EM131561771

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