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?

---

Definitions:

Adler

Alfred Adler, an Austrian medical doctor, psychotherapist, and founder of the school of individual psychology.

Compensation

A strategy where individuals try to offset deficiencies or weaknesses by emphasizing strengths or excelling in other areas.

Persona

The aspect of someone's character that is presented to or perceived by others; a role or character adopted by an individual.

Jung

Carl Jung, a Swiss psychiatrist and psychoanalyst who founded analytical psychology.