Ronaldo contributed stock worth $12,000 to the Children's Protective Agency, a qualified charity. He acquired the stock 20 months ago for $7,000. He may deduct $7,000 as a charitable contribution deduction (subject to percentage limitations).
Answer the following statement true (T) or false (F)
False
Rationale: Ronaldo's deduction is $12,000, the FMV of the property. Capital gain property contributions usually are measured by FMV, not basis.
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A nominal scale can only involve the assignment of numbers; alphabets or symbols cannot be assigned
Indicate whether the statement is true or false
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