I recently distributed more than 10000 shares of BAC company stock from my 401k to a taxable account with a basis of approx. $11 per share, a current value around $24, and a closing value of approximately $23 on April 11, the date of distribution.
I want to give 1000 shares to my church.
Question 1: Is it true that appreciated stock can only be deducted to the extent that the gain on the donated stock is LT?
Question 2: With NUA stock, isn’t the difference between the cost basis, $11, and the value on the date of distribution, $23, automatically considered LT and the further appreciation, to $24, considered ST until one year from the distribution date?
Question 3: Am I correct, then, that I could give the 1000 shares but would only receive a deduction of $23000 (and the other $1000, the difference between $23 and $24, would not be deductible)?
Question 4: If so, what is the difference between $23 and $24 considered when I gift the stock?
Question 5: What do I show as the date of acquisition on the 8283? Do I just go with “various?” I could also gift some other shares of BAC to make that true.