Question
a. Charlie Brown, who has AGI of $105,000, owns stock in Peanuts Corporation with a basis of $17,600. He donates the stock to a qualified
a. Charlie Brown, who has AGI of $105,000, owns stock in Peanuts Corporation with a basis of $17,600. He donates the stock to a qualified charitable organization on December 11, 2019. What is the amount of Charlie Browns charitable contribution deduction on his 2019 Schedule A, assuming that he purchased the stock on May 30, 2019, and the stock had a fair market value of $24,150 when he made the donation, and assuming that he makes no charitable contribution elections?
b. Linus, who has AGI of $212,000, owns stock in Schultz Corporation with a basis of $58,000. He donates the stock to a qualified charitable organization on June 28, 2019. What is the amount of Linus charitable contribution deduction on his 2019 Schedule A, if he purchased the stock on August 16, 2013, and the stock had a fair market value of $72,250 when he made the donation, and if he makes no charitable contribution elections?
c. Lucy, who has AGI of $105,000, contributes a Picasso painting, for which she paid $22,500, to the United Way, a qualified charitable organization. She has owned the painting for several years and it now has a value of $61,000 at the time of the contribution. The United Way sells the painting immediately for $80,000 and informs Lucy of the sale. What is the amount of Lucys charitable contribution deduction reported on her 2019 Schedule A, assuming she makes no charitable contribution elections?
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