What is the amount of Patricias deduction

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Q1. Patricia had AGI of $120,000 in 2017. She donated Bronze Corporation stock with a basis of $35,000 to a qualified charitable organization on July 5, 2017. What is the amount of Patricia's deduction, assuming that she purchased the stock on December 03, 2016, and the stock had a FMV of $65,000 when the donation was made? Assume the limitation amounts are 50%, 30%, or 20%.

a. $65,000

b. $60,000

c. $36,000

d. $35,000

e. None of the above

Q2. Assuming the same facts in 11 except that Patricia purchased the stock on January 31, 2014 for $55,000. What is the amount of her 2017 deduction?

a. $35,000

b. $36,000

c. $55,000

d. $65,000

e. None of the above

Reference no: EM132543273

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