Question
1. Scott, who has AGI of $96,000, owns stock in White Corporation with a basis of $33,500. He donates the stock to a qualified charitable
1. Scott, who has AGI of $96,000, owns stock in White Corporation with a basis of $33,500. He donates the stock to a qualified charitable organization on December 11, 2020.What is the amount of Scott's charitable contribution deduction on his 2020 Schedule A, if he purchases the stock on May 30, 2020, and the stock had a fair market value of $36,250 when he made the donation, and if he makes no charitable contribution elections?
2. Scott, who has AGI of $156,200, owns stock in Green Corporation with a basis of $40,000. He donates the stock to a qualified charitable organization on June 28, 2020.What is the amount of Scott's charitable contribution deduction on his 2020 Schedule A, if he purchased the stock on August 16, 2015, and the stock had a fair market value of $48,750 when he made the donation, and if he makes no charitable contribution elections?
3. Sara, who has AGI of $120,000, contributes a Van Gogh painting, for which she paid $18,900, to the United Way, a qualified charitable organization.She has owned the painting for several years and it now has a value of $42,000 at the time of the contribution.The United Way sells the painting immediately for $55,000 and informs Sara of the sale.What is the amount of Sara's charitable contribution deduction reported on her 2020 Schedule A, assuming she makes no charitable contribution elections?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started