7. John contributed stock to his church in 2019. The stock was acquired in 1993 for $22,600 and had a FMV of $30,000. John has a contribution base of $50,000. An election is properly made under IRC § 170(b)(1)(C)(ii). Compute John's 2019 contribution deduction. o a. $15,000 o b. $22,600 O. $25,000 o d. $30,000 Objective F-2-1 continued.. 7.
7. John contributed stock to his church in 2019. The stock was acquired in 1993 for $22,600 and had a FMV of $30,000. John has a contribution base of $50,000. An election is properly made under IRC § 170(b)(1)(C)(ii). Compute John's 2019 contribution deduction. o a. $15,000 o b. $22,600 O. $25,000 o d. $30,000 Objective F-2-1 continued.. 7.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![continued.
7. John contributed stock to his church in 2019. The stock was acquired in 1993 for
$22,600 and had a FMV of $30,000. John has a contribution base of $50,000.
An election is properly made under IRC § 170(b)(1)(C)(i).
Compute John's 2019 contribution deduction.
7.
o a. $15,000
o b. $22,600
O. $25,000
o d. $30,000
Objective F-2-1 continued..](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8c35567e-5a8e-4edb-8a66-66d161b7f95c%2F1e151a9a-166c-427d-92fa-85c1502f2379%2F8pi6iqi_processed.jpeg&w=3840&q=75)
Transcribed Image Text:continued.
7. John contributed stock to his church in 2019. The stock was acquired in 1993 for
$22,600 and had a FMV of $30,000. John has a contribution base of $50,000.
An election is properly made under IRC § 170(b)(1)(C)(i).
Compute John's 2019 contribution deduction.
7.
o a. $15,000
o b. $22,600
O. $25,000
o d. $30,000
Objective F-2-1 continued..
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