I:8-51 Charitable Contribution Limitations. In each of the following independent cases, determine the amount of the charitable contribution and the limitation that would apply. In each case, assume that the donee is a qualified public charity.

a. Sharon donates a tract of land to a charitable organization. She has held the land for seven years. Her basis in the land is $10,000 and its FMV is $40,000.

b. Assume the same facts in Part

a, except that Sharon has held the land for only 11 months and that its FMV is $23,000.

c. Jack purchases a historical document for $50,000. He donates the historical document to a charitable organization two years later. The organization plans to use it for research and study. Its FMV at the time of the donation is $100,000.

d. Assume the same facts in Part

c, except that the organization plans to sell the document and put the money into an endowment fund.

e. Valerie donates some inventory to a charitable organization. The inventory is not food or clothing. The inventory is purchased for $500 and its FMV is $1,200 at the time of the donation. She held the inventory for seven months.