Question
Dorchester purchased investment realty in 2001 for $25,000. During the current year he contributes it to the American Heart Association to use as the site
Dorchester purchased investment realty in 2001 for $25,000. During the current year he contributes it to the American Heart Association to use as the site for its new local headquarters. The realty has a value of $52,000 on the contribution date, and Dorchester's AGI is $100,000. Dorchester's maximum current year contribution deduction is
|
| a. | $- 0 - |
|
| b. | $25,000 |
|
| c. | $30,000 |
|
| d. | $50,000 |
|
| e. | $52,000 |
According to the test bank 2016, the answer is (c). Please explain. Thank you
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Managerial Accounting Creating Value In A Dynamic Business Environment
Authors: Ronald Hilton, David Platt
13th Edition
1264100698, 9781264100699
