Question
a. Donna donates stock in Chipper Corporation to the American Red Cross on September 10, 2018. She purchased the stock for $24,325 on December 28,
a. Donna donates stock in Chipper Corporation to the American Red Cross on September 10, 2018. She purchased the stock for $24,325 on December 28, 2017, and it had a fair market value of $34,750 when she made the donation.
The stock is treated as (capital gain or ordinary income) property and Donna's charitable contribution deduction is $ ______tax purposes.
b. Assume instead that the stock had a fair market value of $20,850 (rather than $34,750) when it was donated to the American Red Cross. Donna's charitable contribution deduction would be $_______ for tax purchases.
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