Question
An individual with AGI of $49,000 donates common stock with a market of value of $15,000 to an educational institution to be sold and used
An individual with AGI of $49,000 donates common stock with a market of value of $15,000 to an educational institution to be sold and used for scholarships. The basis in the stock is $3,575 and it was purchased six years ago. What amount may be claimed as an itemized deduction resultingfrom this contribution? How would your answer to Part A change if the stock had been purchased 6 months ago?
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Principles of Auditing and Other Assurance Services
Authors: Ray Whittington, Kurt Pany
20th edition
77729145, 978-1259295430, 1259295435, 978-0077729141
