Question
Karen, a calendar year taxpayer, made the following donations to qualified charitable organizations during 2020: Fair Market Basis Value Cash donation to State University$30,000$ 30,000
Karen, a calendar year taxpayer, made the following donations to qualified charitable organizations during 2020:
Fair
Market
BasisValue
Cash donation to State University$30,000$ 30,000
Unimproved land to the City of Terre Haute, Indiana70,000310,000
The land had been held by Karen as an investment and was acquired 4 years ago. Shortly after receipt, the City of Terre Haute sold the land for $310,000. Karen's AGI is $1,000,000. Before taking into account any phase-down of itemized deductions, the maximum allowable charitable contribution deduction 2020 is:
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Fundamental Accounting Principles Volume II
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
16th Canadian edition
1259261433, 978-1260305838
