During the current year, Bob has AGI of $100,000. He also donated some stock to his church.

Question:

During the current year, Bob has AGI of $100,000. He also donated some stock to his church. He purchased the stock two years ago for $55,000. The FMV of the stock at the time of the contribution is $60,000. Bob has $5,000 of unused excess contributions from a prior year. What tax issues should Bob consider?