Richard donates publicly traded Gold Company stock with a basis of $1,000 and a fair market value of $15,000 to the college he attended, which is considered a public charity. Richard has owned the shares for 10 years. How is this contribution treated on Richard's tax return? Assuming his adjusted gross income is at least $50,000, Richard is allowed to deduct 15,000 on his Schedule A   . However, Richard may elect to use the 50-percent AGI limitation and deduct _______

SWFT Corp Partner Estates Trusts
42nd Edition
ISBN:9780357161548
Author:Raabe
Publisher:Raabe
Chapter19: Family Tax Planning
Section: Chapter Questions
Problem 25CE
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Richard donates publicly traded Gold Company stock with a basis of $1,000 and a fair market value of $15,000 to the college he attended, which is considered a public charity. Richard has owned the shares for 10 years.

How is this contribution treated on Richard's tax return?

Assuming his adjusted gross income is at least $50,000, Richard is allowed to deduct 15,000 on his Schedule A

 

. However, Richard may elect to use the 50-percent AGI limitation and deduct _______

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