What is the accounting treatment for the donor when land is donated without conditions? The donation is recorded as goodwill at the fair market value of the land and any gains or losses are recognized. The donation is recorded as a contribution expense at the book value of the land. The donation is recorded as a contribution expense at fair market value and any gains or losses are recognized. The donation is recorded as a contribution expense at fair market value of the land only if there has been a loss in value