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Freda,who has AGI of $100,000 in 2010,contributes stock in Tulip Corporation (a publicly traded corporation)to Central State University,a qualified charitable organization.The stock is worth $59,000,and Freda acquired it as an investment two years ago at a cost of $44,000.
Strict Product Liability
A legal doctrine that makes manufacturers, distributors, or retailers liable for damages caused by defective products, regardless of fault or negligence.
Reasonably Foreseeable
Refers to events or outcomes that can be predicted or expected by a person with regular intelligence and foresight.
Injured Party
A person or entity that has suffered harm or damage due to the actions or negligence of another, and may be entitled to compensation or remedy under the law.
State Tort Law
The body of law at the state level in the United States that governs civil wrongs and damages, outside of contractual obligations, allowing victims to seek compensation.
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