Question
During the year, Blanche made the following contributions to a qualified public charity in 2021: Cash $100,000 Stock in Acting, Inc. (a publicly traded corporation)
- During the year, Blanche made the following contributions to a qualified public charity in 2021:
Cash $100,000
Stock in Acting, Inc. (a publicly traded corporation) 250,000
Blanche acquired the stock in Acting, Inc., as an investment five years ago at a cost of $120,000. Blanches AGI is $680,000. What is Blanches charitable contribution deduction? How much is due to the cash contribution and stock contribution, respectively?
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Financial And Managerial Accounting Information For Decisions
Authors: John Wild, Ken Shaw, Barbara Chiappetta
7th Edition
1259726703, 9781259726705
