Jorge Contributes $35,000 to His Church and 100 Shares of XYZ

question 737

Essay

Jorge contributes $35,000 to his church and 100 shares of XYZ stock to the American Red Cross. The shares were purchased three years ago for $10,000 but were worth $18,000 as of the donation date. Jorge's AGI this year is
$100,000. Assuming no elections are made, determine his current year charitable contribution deduction and the amount of any carryover to next year?

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Definitions:

Gold Suites

Luxury hotel accommodations or software packages that offer premium features or services.

Projected Number

An estimate or forecast of a future value based on current data, trends, or statistical models.

Lagrange Multiplier

A method used in optimization to find the local maxima or minima of a function subject to constraints.

Total Revenue

The total income generated by a business from the sale of goods or services, before any expenses are subtracted.