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QUESTION 11 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
QUESTION 11 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%. O a $65,000 b. $60,000 c. $36.000 d. $35.000 e. None of the above QUESTION 12 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? a. $35,000 b. $36,000 O c. $55,000 O d. $65,000 e. None of the above QUESTION 13 Assuming the same facts in 12 except that Patricia makes the Reduced Deduction Election. What, if any, is the amount of her 2017 deduction, and the amount of carryover to 2018? a. 2017 Deduction is $65,000 and the carryover is $0 2017 Deduction is $60,000 and the carryover is $5,000 b. 2017 Deduction is $55,000 and the carryover is $10.000 OC. 2017 Deduction is $55,000 and the carryover is 50 d. e. None of the above
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