Trey Stanky's adjusted gross income is $90,000 in 2022.

He gave $8,000 cash to his church. (100% Public)

He also donated land with a fair market value of $60,000 to Cleveland State University. The land had cost Trey $30,000 in 1988. (30% Public)

He contributed stock in ABC Corp. to a public charitable organization. The basis in the stock was $1,000, but its fair market value was $1,500 at the time of the donation. Indicate the correct income tax treatment as a result of the donation. The stock was held long term. (30% Public)

He gave inventory costing $2,000 but worth $2,500 to a public charity (50% Public).

Finally, he contributed $6,000 to a private scholarship foundation to which the 20 percent limitation applies. (20% Private)

Trey does not elect the optional reduction of the land or stock contribution. What is Trey's charitable contribution deduction and carryover for the year? (30 points).

Use the following chart.

Percentage	Donation	AGI % Limit	Overall 50% Limit	Deduction	Carryover
100% Public
50% Public
30% Public
20% Private
Total

Answer rating: 100% (QA)

Percentage Donation AGI Limit Overall 50 Limit Deduction Carryover 100 Public ... View the full answer