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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Intermediate Accounting
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy
11th Canadian edition Volume 2
1119048540, 978-1119048541
