Donna donates stock in Chipper Corporation to the American Red Cross on September 10, 2021. She purchased
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Donna donates stock in Chipper Corporation to the American Red Cross on September 10, 2021. She purchased the stock for $18,100 on December 28, 2020, and it had a fair market value of $27,000 when she made the donation.
a. What is Donna’s charitable contribution deduction?
b. Assume instead that the stock had a fair market value of $15,000 (rather than $27,000) when it was donated to the American Red Cross. What is Donna’s charitable contribution deduction?
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Solution a As the property was donated on September 10 2...View the full answer
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