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During the year, Ricardo made the following contributions to a qualified public charity: Cash $220,000 Stock in Seagull, Inc. (a publicly traded corporation) $280,000 Ricardo
During the year, Ricardo made the following contributions to a qualified public charity: Cash $220,000 Stock in Seagull, Inc. (a publicly traded corporation) $280,000 Ricardo acquired the stock in Seagull, Inc., as an investment five years ago at a cost of $120,000. Ricardo's AGI is $840,000 a. Before any limitations, what is Ricardo's potential charitable contribution deduction for the stock and cash?$ The total allowable charitable contributions for Ricardo is: Cash Stock in Seagull, Inc. Total b. The unused portion of the Seagull stock contribution is $ . The carryover period for this unused portion is 5 years
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