What amount may be claimed as itemized deduction, Taxation

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What amount may be claimed as itemized deduction

Charitable Contribution-Appreciated Property

Response to the following problem:

An individual with AGI of $49,000 transfers common stock with a market value of $15,000 to an educational institution to be sold and used for scholarships. The basis in the stock is $3,575, and it was purchased six years ago.

a. What amount may be claimed as an itemized deduction resulting from this contribution?

b. How would your answer to Part a. change if the stock had been purchased 6 months ago?

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Taxation: What amount may be claimed as itemized deduction

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Taxation: What amount may be claimed as itemized deduction

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