Cheryl has an AGI of $150,000 and is considering five different charitable contribution options, but will choose
Question:
Cheryl has an AGI of $150,000 and is considering five different charitable contribution options, but will choose only one. Calculate the allowable charitable deduction amount for each, as well as any carryforward amount, and recommend which of the five options would provide her with the largest charitable deduction for the current tax year: Give $7,500 in cash to the United Way Donate stock with an FMV of $83,000, basis of $75,000, held for less than one year, to the state university Give a vacant lot with an FMV of $150,000 and adjusted basis of $15,000, purchased 15 years ago as an investment, to her church Donate stock with an FMV of $95,000, basis of $80,000, held for 3 years, to her church. Donate stock, FMV $95,000, basis of $115,000, held for 6 months, to The American Cancer Society
Federal Taxation 2016 Comprehensive
ISBN: 9780134104379
29th edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson