Linda, Who Has AGI of $120,000 in the Current Year

question 4

Essay

Linda, who has AGI of $120,000 in the current year, contributes stock in Mauve Corporation (a publicly traded corporation) to the Salvation Army, a qualified charitable organization. The stock is worth $65,000, and Linda acquired it as an investment four years ago at a cost of $50,000.
a. What is the total amount that Linda can deduct as a charitable contribution, assuming she carries over any disallowed contribution from the current year to future years?
b. Describe the restrictions that apply when calculating the deduction in the carryover years.

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