Linda, Who Has AGI of $120,000 in the Current Year

Essay

Linda, who has AGI of $120,000 in the current year, contributes stock worth $65,000 in Mauve Corporation (a publicly traded corporation) to the Salvation Army, a qualified charitable organization.Linda acquired it as an investment four years ago at a cost of $50,000.
a.What is the total amount that Linda can deduct as a charitable contribution, assuming that she carries over any disallowed contribution from the current year to future years?
b.Describe the restrictions that apply when calculating the deduction in the carryover years.