REG- Donated Stock from Corp

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  • November 13, 2011 at 1:25 am #162727
    Anonymous
    Inactive

    If a Corp donate Stock to a Charity, what is the value we use to calculate?

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  • November 13, 2011 at 1:38 am #307023
    hopefulcpa28
    Member

    I don't know if I'm right or wrong..

    But I believe, it depends on whether they are long term or short term stock.

    ST stock: Lesser of the cost of stock or its FMV

    LT stock: Use the FMV and the lesser of:

    Can't exceed 10% of the taxable income.

    November 13, 2011 at 1:55 am #307024
    Anonymous
    Inactive

    hopeful, do you have yahoo messenger so we can chat?

    November 13, 2011 at 2:33 am #307025
    See Pee A
    Member

    Cash is limited to 50% AGI and property is limited to 30% AGI (in total). The remainder is carried forward.

    Short-term (<1yr) is at lower of cost or FMV. Long-term (>1yr) is at FMV. Simple as that.

    BEC 86 (08/30/11)
    FAR 84 (10/13/11)
    REG 88 (11/08/11)
    AUD 86 (11/29/11)

    Exam prep - Becker self-study

    November 13, 2011 at 2:34 am #307026
    See Pee A
    Member

    I totally misread the prompt, the above is for an individual.

    BEC 86 (08/30/11)
    FAR 84 (10/13/11)
    REG 88 (11/08/11)
    AUD 86 (11/29/11)

    Exam prep - Becker self-study

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