Carlos bought stock in year one for 1000 in year three when

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Carlos bought stock in year one for $1,000. In year three, when the stock is worth $10,000, he donates the stock to Alma Mater Law School. Carlos has $300,000 of adjusted gross income in year three. How much gain does Carlos realize on the contribution and how much does he deduct under §170 in year three? Assume that Carlos is subject to a 35 percent marginal tax rate. What is the after-tax cost to Carlos of donating the stock instead of selling it and using the proceeds for personal consumption?

Reference no: EM13612368

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