On December 10, 2016, the representative of a national charitable organization contacted the CEO of Wilkie Inc.,

Question:

On December 10, 2016, the representative of a national charitable organization contacted the CEO of Wilkie Inc., a calendar year accrual basis corporation, to solicit a $100,000 donation. The CEO presented the solicitation to Wilkie's board of directors on December 19, and the board unanimously authorized the donation. Pursuant to this authorization, Wilkie transferred ownership of 3,973 shares of Gydo Inc. to the charity on March 20, 2017. Wilkie purchased the Gydo stock in 1998 for $71,800 and held it as an investment. On March 20, Gydo common was selling on the NYSE for $25.17 per share. Before consideration of this donation, Wilkie's taxable income for both 2016 and 2017 exceeded $8 million. In which year is Wilkie allowed a charitable deduction for this donation, and what is the amount of the deduction?
Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...