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Stock in the ABC Corporation was contributed to a public charitable organization. The basis in...

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Accounting

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Stock in the ABC Corporation was contributed to a public charitable organization. The basis in the stock was $1,000, but its fair market value was $1,500 at the time of the donation. Indicate the correct income tax treatment as a result of the donation. The stock was held long term. 1) Contribution of $1,000 (no gain recognized) 2) Contribution of $1,500 (no gain recognized) 3) Contribution of $1,500 (capital gain recognized $300 ) 4) Contribution of $1,000 (capital gain recognized $500 ) 5) None of these

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