Jorge contributes $35,000 to his church and 100 shares of XYZ stock to the American Red Cross. The shares were purchased three years ago for $10,000 but were worth $18,000 as of the donation date. Jorge's AGI this year is $100,000. Assuming no elections are made, determine his current year charitable contribution deduction and the amount of any carryover to next year?

Answer rating: 100% (QA)

Deduction for charitable contributions generally cannot be more than 50 of adjusted gross income AGI ... View the full answer