Frank owns real estate that he does not use because he received it as a gift 2 years ago. He has a $400,000 basis in the real estate and it is worth $700,000. Frank donates the real estate to his favorite charity for the blind. The charity will sell the real estate to raise money for its charitable purposes. Franks AGI for the year is $5,000,000. How much can Frank deduct for the charitable contribution? Fully explain, step by step in words with your answer.