Liz had AGI of $130,000 in 2022. She donated Bluebird Corporation stock with a basis of $10,000

Question:

Liz had AGI of $130,000 in 2022. She donated Bluebird Corporation stock with a basis of $10,000 to a qualified charitable organization on July 5, 2022.

a. What is the amount of Liz’s deduction assuming that she purchased the stock on December 3, 2021, and the stock had a fair market value of $17,000 when she made the donation?

b. Assume the same facts as in part (a), except that Liz purchased the stock on July 1, 2019.

c. Assume the same facts as in part (a), except that the stock had a fair market value of $7,500 (rather than $17,000) when Liz donated it to the charity.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

South Western Federal Taxation 2023 Comprehensive Volume

ISBN: 9780357719688

46th Edition

Authors: Annette Nellen, Andrew D. Cuccia, Mark Persellin, James C. Young

Question Posted: