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Author Question: Clayton contributes land to the American Red Cross for use as a future site for a new building. His ... (Read 67 times)

debasdf

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Question 1

Carol contributes a painting to a local museum for display. Her AGI is $60,000. Carol paid $22,000 for the painting in 2006, but its market value at the date of the contribution is $25,000. With no special elections, Carol's deductible contribution this year is
◦ $ 7,000.
◦ $18,000.
◦ $22,000.
◦ $25,000.

Question 2

Clayton contributes land to the American Red Cross for use as a future site for a new building. His AGI is $50,000. Clayton paid $20,000 for the land eight months ago but its market value at the date of contribution is $25,000. With no special elections, Clayton's deductible contribution this year is
◦ $7,000.
◦ $18,000.
◦ $20,000.
◦ $25,000.


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Marked as best answer by debasdf on Sep 13, 2020

duke02

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debasdf

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Reply 2 on: Sep 13, 2020
Wow, this really help


flexer1n1

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

 

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