Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Donna donates stock in Chipper Corporation to the American Red Cross on September 10,2022 . She purchased the stock for $24,150 on December 28,2021 ,
Donna donates stock in Chipper Corporation to the American Red Cross on September 10,2022 . She purchased the stock for $24,150 on December 28,2021 , and it had a fair market value of $34,500 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 $ for tax purposes. b. Assume instead that the stock had a fair market value of $20,700 (rather than $34,500 ) when it was donated to the American Red Cross. What is Donna's charitable contribution deduction? $ 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
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started