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Donna donates stock in Chipper Corporation to the American Red Cross on September 1 0 , 2 0 2 3 . She purchased the stock
Donna donates stock in Chipper Corporation to the American Red Cross on September She purchased the stock for $ on December and it had a fair market value of $ when she made the donation.
a What is Donna's charitable contribution deduction?
The stock is treated as
property and Donna's charitable contribution deduction is $fill in the blank
for tax purposes.
b Assume instead that the stock had a fair market value of $rather than $ when it was donated to the American Red Cross. What is Donna's charitable contribution deduction?
$fill in the blank
c What documentation should you request from Donna to confirm the amount of her charitable contribution deduction?
Donna needs to have documentation that the stock
donated, the date and the value at that date. In addition, because the donation is over
she must have a contemporaneous written acknowledgment from the charity.
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