The main reason for giving appreciated stock to a charity is to avoid paying any capital gains tax on the stock.
but anyway
paid 100 * 10 = 1,000 for stock
it was worth 100 N when granted
got a refund of .6(100 N) = 60 N
paid tax = .2(100 N - 1,000)
so
60 N - (20 N - 200) = 1,000
40 N = 800
N = 20 It doubled
I could really use some help with this problem.
Joe bought 100 shares of stock at $10.00 per share. When the shares increased to a value of $N each, he made a charitable donation of all the shares to the Euclid Foundation. He received a tax refund of 60% on the total value of his donation. However, he had to pay a tax of 20% on the increase in the value of the stock. Determine the value of N if the difference between his tax refund and the tax paid was $1000.
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