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In 2020, Levittson Corp donates land to a recognized charity. The corporation purchased the land four years ago for $75,000, and its fair market value

In 2020, Levittson Corp donates land to a recognized charity. The corporation purchased the land four years ago for $75,000, and its fair market value on the date of the contribution is $125,000. Levitton Corps taxable income was $900,000 in 2019. What is Levittsons allowable charitable contribution for 2020?

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