Ramon had AGI of $180,000 in 2015. He is considering making a charitable contribution this year to the American Heart Association, a qualified charitable organization.
Determine the current allowable charitable contribution deduction in each of the following independent situations, and indicate the treatment for any amount that is not deductible currently.
a. A cash gift of $95,000. The cash gift of $ is fully deductible as a charitable contribution. However, in the current year, Ramon's deduction is limited to $. The remaining $_ can be carried forward for five years.
b. A gift of OakCo stock worth $95,000 on the contribution date. Ramon had acquired the stock as an investment two years ago at a cost of $84,000. Ramon's value for the contribution is $, the fair market value of the stock. The deduction for 2015 is limited to . The remaining $ can be carried forward for five years.
c. A gift of a painting worth $95,000 that Ramon purchased three years ago for $60,000. The charity has indicated that it would sell the painting to generate cash to fund medical research. The contribution is valued at $. The amount is fully deductible in the current year because the gift is (above/below) the applicable _%of AGI limitation.
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