20) W gave 100 shares of X Corporation stock to a qualified charity. The value of the stock was $4,000 at the time of the gift and W's basis in the stock was $7,000. W owned the stock for two years prior to making the gift to the charity. The charity planned to sell the stock in the near future. W's AGI was $100,000. The allowable deduction for the gift would be:

Group of answer choices

$4,000

$0

$3,000

$7,000

The correct answer is not shown

20a) W gave land she held as an investment to a qualified charity. W purchased the land several years ago for $25,000. The land was worth $40,000 at the time of the gift. The charity immediately sold the land for $40,000. Ws AGI was $200,000. The allowable deduction for the gift would be:

Group of answer choices

$40,000

$25,000

The correct answer is not shown

$0

$15,000

20b) W gave 100 shares of Johnson & Johnson stock to a qualified charity. The value of the stock was $35,000 at the time of the gift. Ws basis in the stock was $20,000. W owned the stock for 6 months when the gift was made. The charity planned to sell the stock in the near future. Ws AGI was $200,000. The allowable deduction for the gift would be:

Group of answer choices

$0

$20,000

The correct answer is not shown

$15,000

$35,000

20b) W gave a coin collection to the Red Cross, a qualified charity. The Red Cross plans to sell the coins at its annual auction. The FMV of the coins at the time of the give was $15,000. W paid $5,000 for the coins ten years ago. W's AGI was $200,000. The allowable deduction for the gift would be:

Group of answer choices

$0

The correct answer is not shown

$10,000

$5,000

$15,000