Linda, Who Has AGI of $120,000 in 2012, Contributes Stock

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The Answer is General discussion.The stock is appreciated long-term capital gain property.The general rule limits the deduction for the contribution of such property to 30% of AGI.However, under the reduced deduction election, a taxpayer may choose to forgo a deduction of the appreciation on capital gain property.This enables the taxpayer to move from the 30% limitation to a 50% limitation.
General discussion.The stock is appreciated long-term capital gain property.The general rule limits the deduction for the contribution of such property to 30% of AGI.However, under the reduced deduction election, a taxpayer may choose to forgo a deduction of the appreciation on capital gain property.This enables the taxpayer to move from the 30% limitation to a 50% limitation.

General discussion.The stock is appreciated long-term capital gain property.The general rule limits the deduction for the contribution of such property to 30% of AGI.However, under the reduced deduction election, a taxpayer may choose to forgo a deduction of the appreciation on capital gain property.This enables the taxpayer to move from the 30% limitation to a 50% limitation.

Linda, Who Has AGI of $120,000 in 2012, Contributes Stock

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