Question
Lilly had AGI of $240,000 in 2020. She donated SnapCo corporate stock with a basis of $50,000 to a qualified private nonoperating foundation on September
Lilly had AGI of $240,000 in 2020. She donated SnapCo corporate stock with a basis of $50,000 to a qualified private nonoperating foundation on September 30, 2020.
a. What is the amount of Lilly's deduction assuming that she purchased the stock on November 11, 2019, and the stock had a fair market value of $45,000 when she made the donation? Lilly's deduction is $________.
b. Assuming that she purchased the stock on July 23, 2019, and the stock had a fair market value of $62,000 when she made the donation, Lilly's deduction is $________.
c. Assuming that she purchased the stock on November 11, 2019, and the stock had a fair market value of $54,000 when she made the donation to the charity, Lilly's deduction is $________.
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