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Clapton contributes land to the American Red Cross for use as a future site for a new building down by the crossroads. His AGI is

Clapton contributes land to the American Red Cross for use as a future site for a new building down by the crossroads. His AGI is $50,000. Clapton paid $20,000 for the land eight months ago but its market value at the date of contribution is $25,000. With no special elections, Clapton's deductible contribution this year is:
A) $7,000.
B) $18,000.
C) $20,000.
D) $25,000.
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