Question
Liz had an AGI of $130,000 in 2020. She donated Corporation Stock with a basis of $10,000 to a qualified charitable organization on July 5,
Liz had an AGI of $130,000 in 2020. She donated Corporation Stock with a basis of $10,000 to a qualified charitable organization on July 5, 2020.
A. What is the amount of Liz's deduction assuming that she purchased the stock on December 3, 2019, and the stock had a fair market value of $17,000 when she made the donation?
B. Assume the same facts as in part (A) except that Liz purchased the stock on July 1, 2017.
C. Assume the same facts as in part (A) except that the stock had a fair market value of $7,500 rather than $17,000 when Liz donated it to the charity.
Please clearly explain
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