1. Patricia had AGI of $120,000 in 2017.She donated Bronze Corporation stock with a basis of $35,000 to a qualified charitable organization on July 5, 2017.What is the amount of Patricia's deduction, assuming that she purchased the stock on December 03, 2016, and the stock had a FMV of $65,000 when the donation was made? Assume the limitation amounts are 50%, 30%, or 20%.
2. a.$65,000
3. b.$60,000
4. c.$36,000
5. d.$35,000
6. e.None of the above

QUESTION 12

1. Assuming the same facts in 11 except that Patricia purchased the stock on January 31, 2014 for $55,000. What is the amount of her 2017 deduction?
2. a.$35,000
3. b.$36,000
4. c.$55,000
5. d.$65,000
6. e.None of the above