ris Swenson anticipates aajusted gross income of $100,00 luring the current tax year. She is considering making a gift of appreciated real estate to the university she attended, Sinton Tech, a qualified charitable institution. Kris's adjusted pasis in this real estate is $40,000. The real estate has a current fair market value of $50,000. Kris has owned the re estate for six months. f Kris does gift the real estate to Sinton this year, what is he maximum allowable charitable deduction Kris can receiv

SWFT Comprehensive Vol 2020
43rd Edition
ISBN:9780357391723
Author:Maloney
Publisher:Maloney
Chapter27: The Federal Gift And Estate Taxes
Section: Chapter Questions
Problem 5BCRQ
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Kris Swenson anticipates adjusted gross income of $100,000
during the current tax year. She is considering making a gift
of appreciated real estate to the university she attended,
Sinton Tech, a qualified charitable institution. Kris's adjusted
basis in this real estate is $40,000. The real estate has a
current fair market value of $50,000. Kris has owned the real
estate for six months.
If Kris does gift the real estate to Sinton this year, what is
the maximum allowable charitable deduction Kris can receive
for the current tax year?
a. $20,000
b. $30,000
C. $40,000
d. $50,000
e. $100,000
Transcribed Image Text:Kris Swenson anticipates adjusted gross income of $100,000 during the current tax year. She is considering making a gift of appreciated real estate to the university she attended, Sinton Tech, a qualified charitable institution. Kris's adjusted basis in this real estate is $40,000. The real estate has a current fair market value of $50,000. Kris has owned the real estate for six months. If Kris does gift the real estate to Sinton this year, what is the maximum allowable charitable deduction Kris can receive for the current tax year? a. $20,000 b. $30,000 C. $40,000 d. $50,000 e. $100,000
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