During the year, Morgan makes the following donations to his church: cash of $5,500 and...
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Accounting
During the year, Morgan makes the following donations to his church: cash of $5,500 and stock worth $50,000. Morgan had purchased the stock six years ago for $38,000 and held it as an investment. Morgan's AGI for the year is $80,000.
a. Disregarding percentage limitations, Morgan's potential deduction is $__________.
b. In applying the percentage limitations, the current deduction for the stock is $_________. Thus, the total current deduction is $_______.
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