Question
Becky Hanson adjusted gross income is $90,000 in 2023. She gave $8,000 cash to her church. She also donated land with a fair market value
Becky Hanson adjusted gross income is $90,000 in 2023. She gave $8,000 cash to her church. She also donated land with a fair market value of $60,000 to Los Angeles State University. The land had cost Becky $30,000 in 2017. She contributed $6,000 to a private scholarship foundation to which the 20 percent limitation applies. She also gave inventory costing $2,000 but worth $3,500 to a public charity. Becky does not elect the optional reduction of the land contribution. What is Becky's charitable contribution deduction and carryover for the year?
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