Question
Tom made a charitable contribution to his church in the current year. He donated common stock valued at $34,000 (acquired as an investment in 1997
| Tom made a charitable contribution to his church in the current year. He donated common stock valued at $34,000 (acquired as an investment in 1997 for $15,640). Tom's AGI in the current year is $85,000. Assume that the taxpayer has not opted for 50% AGI limitation |
| a. | What is his allowable charitable contribution deduction? |
| b. | How are any excess amounts treated? |
carry over
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The Corporate Culture Audit
Authors: Nigel Bristow, Sarah J. Sandberg
1st Edition
095597075X, 978-0955970757
