"Karenna Fifeman, a single taxpayer from Florida, purchased a piece of land on Marco Island for $3,900 as an investment back in 20X1. Earlier this year on January 14, 20X6, Karenna purchased $1,300 of stock as an investment. On June 5, 20X6, she donated the land and stock, with fair market values of $16,000 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."

My Wrong Answer: 57,000

Feedback {So}+{Pf} Lower of Fair Market Value or adjusted basis for stock held less than one year + Fair Market Value of land