Yes, you do the math, shares times current share price.  You do not need to worry about the basis or anything.  The value of the shares was included in the 1099-R so you need to adjust the taxable amount for the QCD. While it might have been easier to sell the shares in the IRA and just distribute cash, there could have been a situation where in kind distribution made sense.  Maybe it was a thinly traded stock and a sale could have moved the market.