Ralph Reeves gave some stock that he owned to charity. The stock had a FMV of $40,000

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Ralph Reeves gave some stock that he owned to charity. The stock had a FMV of $40,000 and a basis of $32,000. His adjusted gross income is $100,000. Determine the allowed charitable contribution deduction and carryover under the following assumptions:

a. Given to a public charity, no election

b. Given to a public charity, elects the reduced contribution election

c. Given to private charity

d. Qualified appreciated stock given to private charity

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CCH Federal Taxation Basic Principles 2020

ISBN: 9780808051787

2020 Edition

Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback

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