Question
Fred divorces Norma, marries Ginger. In a separate tax year, Fred and Ginger give the following items to the following charities: A. Publicly traded stock
Fred divorces Norma, marries Ginger. In a separate tax year, Fred and Ginger give the following items to the following charities: A. Publicly traded stock held for two years to the American Red Cross, which is not a private foundation B. Real estate held for ten years to the F & G Family Foundation, which is a private foundation C. Cash to the Ginger Family Foundation, which is a private foundation D. A painting to the Art Institute of Chicago E. What if it was a microscope to Art Institute of Chicago? F. Publicly traded stock held for less than a year given to the Art Institute? G. Publicly traded stock held for 6 months to the Museum of Science and Industry which is not a private foundation. H. Cash to the American Red Cross For each gift, what is deductible (FMV or Basis), and what percent of their adjusted gross income may they deduct it against, and why
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