Ronald Donates Publicly Traded Microsystems Stock with a Basis of $2,000

question 34

Essay

Ronald donates publicly traded Microsystems stock with a basis of $2,000 and a fair market value of $20,000 to the local library, which is considered a public charity. Ronald has $30,000 of adjusted gross income, and he purchased the stock 15 years ago. How is this contribution treated on Ronald's tax return?

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Definitions:

Bonus

An additional compensation or reward given to employees over their regular pay, often tied to performance or achievement.

Leadership

The act of guiding or directing a group towards achieving a common goal through influence and inspiration.

Development Priority

The importance assigned to different areas or aspects in the planning of growth or progress.

Emotional Intelligence (EI)

The ability to recognize, understand, and manage our own emotions as well as to recognize, understand, and influence the emotions of others.