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During the year, Median, a single taxpayer makes the following donations to the hospital: cash of $1,950 and unimproved land with a current fair market
During the year, Median, a single taxpayer makes the following donations to the hospital: cash of $1,950 and unimproved land with a current fair market value of $25,000. Median had purchased the land 5 years ago for $17,500 and held it as an investment. Median adjusted gross income for the year is $80,000. What is the amount of her charitable contribution carryover to the following year?
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$2,950
$1,950
$7,500
$1,000
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