Assignment 6

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Assignment 6

Question

Assignment 6

 

During the current​ year, Helen donates stock worth $50,000 to her local community college. Two years ago the stock cost Helen $40,000. Her AGI for the current year is $100,000. Beginning next​ year, the bulk of her income will be from​ tax-exempt municipal securities.​ Thus, she is not interested in any carryover of excess charitable contribution.

 

Requirement

What is the maximum charitable contribution deduction Helen may take this​ year?

 

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This question is taken from Accounting 015 – Tax Accounting I » Spring 2021 » Assignments