Fred decides to gift 25 shares of ABC to his favorite charity. He had purchased the shares in 2015 at $20/share. The current market value of XYZ shares is $35. His average tax rate is 20% and his marginal tax rate is 32%. Select each of the correct answers. A. The value of his gift is $875 B. The tax savings for this gift is $175 C. The value of his gift is $500 OD. The tax savings for this gift is $280 OE. The capital gains tax on this gift will be $56.25

Fred decides to gift 25 shares of ABC to his favorite charity. He had purchased the shares in 2015 at $20/share. The current market value of XYZ shares is $35. His average tax rate is 20% and his marginal tax rate is 32%. Select each of the correct answers. A. The value of his gift is $875 B. The tax savings for this gift is $175 C. The value of his gift is $500 OD. The tax savings for this gift is $280 OE. The capital gains tax on this gift will be $56.25

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter9: Acquisitions Of Property

Section: Chapter Questions

Problem 51P

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