Madeoff Donated Stock (Capital Gain Property) to a Public Charity

question 59

Multiple Choice

Madeoff donated stock (capital gain property) to a public charity. He purchased the stock 3 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 (before considering the itemized deduction phase-out) ?

• A) $100,000.
• B) $200,000.
• C) $150,000.
• D) $250,000.
• E) None of the choices are correct.

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Definitions:

Basidiomycete

A class of fungi characterized by producing spores on basidia and includes mushrooms, puffballs, and rusts, playing roles in decomposition and nutrient cycling.

Glomeromycete

Glomeromycetes are a group of fungi that form symbiotic relationships with the roots of plants, assisting in nutrient exchange through structures known as arbuscules.

Chytridiomycete

A member of a phylum of fungi characterized by the production of flagellate cells at some stage in their life history. Also called chytrid.

Cellulose

A complex carbohydrate that constitutes the primary structural component of plant cell walls.