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Linda, who has AGI of 120,000 in 2013, contributes stock in Mauve Corporation (a publicly traded corporation) to the Salvation Army, a qualified charitable organization.
Linda, who has AGI of 120,000 in 2013, contributes stock in Mauve Corporation (a publicly traded corporation) to the Salvation Army, a qualified charitable organization. The stock is worth $65,000, and Linda acquired it as an investment four years ago at a cost of $50,000.
a) What is the total amount that Linda can deduct as a charitable contribution, assuming she carries over any disallowed contribution from 2013 to future years?
b) What is the maximum amount that Linda can deduct as a charitable contribution in 2013?
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