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Which capital asset should she donate

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Reference no: EM132823458

Question - Discussion Forum - Another prospective client comes to you for your well-known expertise in tax planning. She is self-employed and pays quarterly tax payments at both the federal and state levels.

She doesn't understand why she should pay her Q4 state estimated tax payment by the end of 2020 when it isn't due until January 15, 2021. Can you advise her on this and explain if this advice holds true for her Q4 federal estimated tax payment?

She is also considering making a charitable contribution of property and is between choosing one of two capital assets to donate.

Property A was purchased for $1,000 and is now worth $350.

Property B was purchased for $400 and is now worth $500.

Which capital asset should she donate and what tax treatment would she receive in the event she donated both items?

Reference no: EM132823458

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