Donna donates stock in Chipper Corporation to the American Red Cross on September 10, 2019. She purchased

Question:

Donna donates stock in Chipper Corporation to the American Red Cross on September 10, 2019. She purchased the stock for $18,100 on December 28, 2018, 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?

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...

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