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Don's records contain the following information: 1.Donated stock having a fair market value of $3,600 to a qualified charitable organization.He acquired the stock five months previously at a cost of $2,400.
2) Paid $700 to a church school as a requirement for the enrollment of his daughter.
3) Paid $200 for annual homeowner's association dues.
4) Drove 400 miles in his personal auto at 14 cents per mile.The travel was directly related to volunteer services he performed for his church (actual costs were not available) .
What is Don's charitable contribution deduction?
Per Unit Tax
A tax levied on goods that is fixed in amount for each unit produced or sold.
Consumer Surplus
The gap in the total funds consumers are willing and financially prepared to allocate for a good or service, versus the funds actually allocated.
Producer Surplus
The difference between the amount producers are willing to supply a good for and the actual amount they receive when the good is sold.
Producer Surplus
The gap highlighting the difference between the initial asking price by sellers for goods or services and the ultimately received price.
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