.  What is Donna's charitable contribution deduction? The stock is treated as ordinary income  property and Donna's charitable contribution deduction is $___________________ for tax purposes. b.  Assume instead that the stock had a fair market value of $16,800 (rather than $28,000) when it was donated to the American Red Cross. What is Donna's charitable contribution deduction? $___________________

SWFT Comprehensive Vol 2020
43rd Edition
ISBN:9780357391723
Author:Maloney
Publisher:Maloney
Chapter10: Deduct Ions And Losses: Certain Itemized Deduct Ions
Section: Chapter Questions
Problem 33P
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Donna donates stock in Chipper Corporation to the American Red Cross on September 10, 2020. She purchased the stock for $19,600 on December 28, 2019, and it had a fair market value of $28,000 when she made the donation.

a.  What is Donna's charitable contribution deduction?
The stock is treated as ordinary income  property and Donna's charitable contribution deduction is $___________________ for tax purposes.

b.  Assume instead that the stock had a fair market value of $16,800 (rather than $28,000) when it was donated to the American Red Cross. What is Donna's charitable contribution deduction?
$___________________

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