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Mae donated stock in Eagle Corporation (a publicly traded corporation) to her church The stock was worth $60 000

Question

Mae donated stock in Eagle Corporation (a publicly traded corporation) to her church. The stock was worth $60,000

and had been acquired as an investment three years ago at a cost of $50,000. Mae had AGI of $100,000 in the year she made the donation. Mae does not make a reduced deduction election. In completing her income tax return, how much of the charitable contribution can Mae deduct?

Question 46 options:

a)

$30,000.

b)

$50,000.

c)

$60,000.

d)

$70,000.

e)

None of the above.

Business

Mae donated stock in Eagle Corporation (a publicly traded corporation) to her church The stock was worth $60 000