Question - During the current year, Ralph made the following contributions to the University of Oregon(a qualified charitable organization):
Cash $63,000
Stock in Raptor, Inc. (a publicly traded corporation) $94,500
Ralph acquired the stock in Raptor, Inc., as an investment fourteen months ago at a cost of $42,000. Ralph's AGI for the year is $189,000. What is Ralph's charitable contribution deduction for the current year? How much will be carried forward and what percent of AGI for the next year will be applied as the limitation? Show your computations.