In the current year, Jane Nice donated stock worth $12,000 in which she had a basis of $10,000. Jane purchased the stock two years ago. Jane's AGI is $30,000 in the current year. Assuming that Jane does not make a Sec. 170(b)(1)(C)(iii) election, what are the tax consequences related to the contribution?

Answer rating: 100% (QA)

When Jane Nice donated stock worth 12000 in which she had a basis of 10000 the tax consequences rela... View the full answer