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Determine the amount of her gift

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Question - In 2019, Susan makes the following donations to 50% qualified charitable organizations: Basis Fair Market Value Inventory held for resale in Susan's business (a sole proprietorship) $9,000 $ 32,500 Stock in ABC, Inc. held as an investment (acquired two years ago) 25,000 48,000 Comic book collection held as an investment (acquired six years ago) 2,500 12,000 The ABC stock and the inventory were given to Susan's church, and the comic book collection was given to the United Way.

Assuming the limitation for charitable donations are 50%, 30%, or 20% and assuming that Susan's 2019 adjusted gross income is $125,000, determine the amount of her gift and the amount of her tax deduction for 2019.

Reference no: EM132944342

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