Byron owned stock in blossom corporation that he donated to a museum (a qualified charitable organization) on june 8 this year. what is the amount of byron's deduction assuming that he had purchased the stock for $10,500 last year on august 7, and the stock had a fair market value of $13,800 when he made the donation?

$10,500

Explanation:

The deduction for a charitable contribution is equal to the fair market value of the property less the capital gain or income that would have been earned had the property been sold.

In this case, the fair market value is $13,800. If Byron had sold the stock, he would have made = $13,800 - $10,500 = $3,300

Thus, the total deduction is = Fair Value - Capital Gain

                                              = $13,800 - $3,300

                                              = $10,500

answer; the correct answer to the above statement is (true);

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