MsBjorn's Only Contribution This Year Was a Donation of Marketable

question 78

Multiple Choice

Ms.Bjorn's only contribution this year was a donation of marketable securities (FMV $600,000; tax basis $273,000) to a public charity.Her AGI was $814,000.Which of the following statements is true?

• A)Ms.Bjorn's charitable contribution deduction is limited to $407,000,and she has a $193,000 contribution carryover to future years.
• B)Ms.Bjorn's charitable contribution deduction is $273,000.
• C)Ms.Bjorn's charitable contribution deduction is limited to $407,000.The $193,000 nondeductible amount will never result in a tax benefit.
• D)Ms.Bjorn's charitable contribution deduction is $600,000.

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