Richard donates publicly traded Gold Company stock with a basis of $1,000 and a fair market value of $15,000 to the college he attended, which is considered a public charity. Richard has owned the shares for 10 years.

How is this contribution treated on Richard's tax return?

Assuming his adjusted gross income is at least $50,000, Richard can to deduct $ on his Schedule A . However, Richard may elect to use the 50 percent AGI limitation and deduct $ .