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

question 48

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 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 these