Karenna Fifeman, a single taxpayer from Florida, purchased a piece of land on Marco Island for $4,500 as an investment back in 20X1. Earlier this
"Karenna Fifeman, a single taxpayer from Florida, purchased a piece of land on Marco Island for $4,500 as an investment back in 20X1. Earlier this year on January 14, 20X6, Karenna purchased $1,200 of stock as an investment. On June 5, 20X6, she donated the land and stock, with fair market values of $11,500 and $2,000 respectively, to her synagogue on Marco Island, FL.
Calculate Karenna Fifeman's charitable contribution deduction for 20X6 assuming her adjusted gross income (AGI) was $75,000 in 20X6."
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{So}+{Pf}
Lower of Fair Market Value or adjusted basis for stock held less than one year + Fair Market Value of land
I know the answer is not:
13,500
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