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for an item held short-term, the deduction is the lesser of tax basis or FMV.
for an item held long-term, the deduction is FMV with certain exceptions:
1) tax basis (excepting qualified appreciated stock) if contributed to a private non-operating foundation or
2) tax basis if the property is tangible personal property that is put to an unrelated use by the charity or
3) the taxpayer elects to apply the 50%-of-agi limitation rather than the 30%-of-agi limitation
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