Question
During the year, Al made the following contributions to his church: Cash $20,000 Stock in Wren Corporation (FMV) 60,000 The stock in Wren was acquired
During the year, Al made the following contributions to his church:
| Cash | $20,000 |
| Stock in Wren Corporation (FMV) | 60,000 |
The stock in Wren was acquired as an investment three years ago at a cost of $32,000. Als AGI is $140,000. Assuming no special election is made, what is Als charitable contribution deduction? The correct answer is c. $62,000. However, I cannot figure out why. Can you please explain.
a. $70,000
b. $80,000
c. $62,000
d. $52,000
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Fundamental Accounting Principles
Authors: John J Wild, Ken Shaw
24th edition
1259916960, 978-1259916960
