During 2020, Arlene doutes stock she had purchased in 2005 (long-term capital gain property) for $40,000...

  
 

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During 2020, Arlene doutes stock she had purchased in 2005 (long-term capital gain property) for $40,000 to a qualified public charitable organization. The fair market value of the stock at the time of the donation is $50,000 Her adjusted gross income for the year is $90,000 Assume the stock donation is her only charitable contribution If Arlene makes no election, her deduction for her charitable contribution of the stock would be If Arlene elects to use the adjusted basis of the stock rather than FMV, her deduction for her charitable contribution of the stock would be During 2020, Arlene doutes stock she had purchased in 2005 (long-term capital gain property) for $40,000 to a qualified public charitable organization. The fair market value of the stock at the time of the donation is $50,000 Her adjusted gross income for the year is $90,000 Assume the stock donation is her only charitable contribution If Arlene makes no election, her deduction for her charitable contribution of the stock would be If Arlene elects to use the adjusted basis of the stock rather than FMV, her deduction for her charitable contribution of the stock would be

Answer rating: 100% (QA)

To determine Arlenes deduction for her charitable contribution of the stock we need to consider the ... View the full answer