Individual Income Taxes
Individual Income Taxes
43rd Edition
ISBN: 9780357109731
Author: Hoffman
Publisher: CENGAGE LEARNING - CONSIGNMENT
Question
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Chapter 10, Problem 33P

a.

To determine

Identify the amount that Person L could deduct in the given situation.

b.

To determine

Identify the amount that Person L could deduct in the given situation.

c.

To determine

Identify the amount that Person L could deduct in the given situation.

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Liz had AGI of $130,000 in 2020. She donated Bluebird Corporation stock with a basis of $10,000 to a qualified charitable organization on July 5, 2020. What is the amount of Liz’s deduction assuming that she purchased the stock on December 3, 2019, and the stock had a fair market value of $17,000 when she made the donation? Assume the same facts as in part (a), except that Liz purchased the stock on July 1, 2017. Assume the same facts as in part (a), except that the stock had a fair market value of $7,500 (rather than $17,000) when Liz donated it to the charity.
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Chapter 10 Solutions

Individual Income Taxes

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