What is miguels charitable deduction for 2018

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Question

Miguel filed an extension for his 2018 tax return. His adjusted gross income in 2018 is $500,000. On December 31, 2018 he donated his Apple stock to his favorite charity. He originally purchased the stock for $50,000 in 2010. The fair market value of the stock at the date he donated it was $1.2 million.

How much must Miguel report as a capital gain in 2018? What is Miguel's charitable deduction for 2018? Explain your answer.

Reference no: EM132319534

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