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Donna donates stock in Chipper Corporation to the American Red Cross on September 10,2023. She...

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Accounting

Donna donates stock in Chipper Corporation to the American Red Cross on September 10,2023. She purchased
the stock for $21,000 on December 28,2022, and it had a fair market value of $30,000 when she made the
donation.
a. What is Donna's charitable contribution deduction?
The stock is treated as , property and Donna's charitable contribution deduction is $
for tax purposes.
b. Assume instead that the stock had a fair market value of $18,000(rather than $30,000) when it was
donated to the American Red Cross. What is Donna's charitable contribution deduction?
$
c. What documentation should you request from Donna to confirm the amount of her charitable contribution
deduction?
Donna needs to have documentation that the stock
donated, the date and the value at that
date. In addition, because the donation is over $250, she must have a contemporaneous written
acknowledgment from the charity.
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