Moving to another question will save this response. Nick made the following cont

Question

Moving to another question will save this response. Nick made the following contributions this year to the University of the West. Cash Stock in Palm Corporation (a publicly traded corporation) dollar 84,000 120,000 Nick acquired the stock in Palm Corporation as an investment two years ago at a cost of dollar 56,000. Nich's current AGI is dollar 252,000. What is Nicks current charitable contribution a dollar75.600 dollar84.000 dollar126,000 dollar204.000 Moving to another question will save this response.

Explanation / Answer

The contribution is covered under 50% category as it is towards a educational institute. The deduction would therefore be 50% of AGI which is $126000 which is lower than the actual contribution

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