During the year, Ricardo made the following contributions to a qualified public charity: Cash.............................................................$220,000 Stock in Seagull,
Question:
Cash.............................................................$220,000
Stock in Seagull, Inc. (a publicly traded corporation)......280,000
Ricardo acquired the stock in Seagull, Inc., as an investment five years ago at a cost of $120,000. Ricardo's AGI is $840,000.
a. What is Ricardo's charitable contribution deduction?
b. How are excess amounts, if any, treated?
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a No reduction for the appreciation on the Seagull Inc stock is necessary because if sold it would y...View the full answer
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Related Book For 
South Western Federal Taxation 2014 Comprehensive Volume
ISBN: 9781285180922
37th Edition
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young
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