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Betty is a single taxpayer with AGI of $22,000 in 2016. She donated her shares of XYZ stock (acquired in 2002 for $2,000) on June
Betty is a single taxpayer with AGI of $22,000 in 2016. She donated her shares of XYZ stock (acquired in 2002 for $2,000) on June 15, 2016 to the Metropolitan State University Scholarship Fund. At the time the FMV of the stock was $20,000, if this is her only charitable contribution for 2016, what is the correct, total amount to be reported for Betty's charitable contributions on the Schedule A on her 2016 tax return?
(a) $0
(b) $6,600
(c) $11,000
(d) $18,000
Please show your works.
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