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Madeoff donated stock (capital gain property) to a public charity. He purchased the stock three years ago for $100,000, and on the date of the gift, it had a fair market value of $200,000. What is his maximum charitable contribution deduction for the year related to this stock if his AGI is $500,000?

Respuesta :

Answer:

maximum charitable contribution deduction for the year is $150000

Explanation:

we know that here charitable contribution will be deductible up to the 50% of the modify adjust gross income

and when  the donation is in form of asset that is appreciate

so the deduction allowed is 30% of the modify adjust gross income

and

here  charitable contribution is appreciated from $100000 to $200000

so allowable deduction can be 30% of $500000 that is  $150000

so

we can say that maximum charitable contribution deduction for the year is $150000

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