Jaylen made a charitable contribution to his church in the current year. He donated common stock valued at $31,500 (acquired as an investment in 2007 for $15,500). Jaylen's AGI in the current year is $80,000. Required: a. What is his allowable charitable contribution deduction? b. How are any excess amounts treated? a Charitable contribution deduction b. Amounts

Jaylen made a charitable contribution to his church in the current year. He donated common stock valued at $31,500 (acquired as an investment in 2007 for $15,500 ). Jaylen's AGI in the current year is $80,000. Required: a. What is his allowable charitable contribution deduction? b. How are any excess amounts treated