Administration Of Wills/Trusts/ And Estates
Administration Of Wills/Trusts/ And Estates
5th Edition
ISBN: 9781285281308
Author: Brown
Publisher: Cengage
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Question
Cost Account - Jeremiah, an unmarried taxpayer, had $90,000 in adjusted gross income for the current year. During the current year, Jeremiah donated land to a church and made no other contributions. Jeremiah purchased the land 15 years ago as an investment for $14,000. The land's fair market value was $25,000 on the day of the donation. What is the maximum amount of charitable contribution that Jeremiah may deduct as an itemized deduction for the land donation for the current year?
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Transcribed Image Text:Cost Account - Jeremiah, an unmarried taxpayer, had $90,000 in adjusted gross income for the current year. During the current year, Jeremiah donated land to a church and made no other contributions. Jeremiah purchased the land 15 years ago as an investment for $14,000. The land's fair market value was $25,000 on the day of the donation. What is the maximum amount of charitable contribution that Jeremiah may deduct as an itemized deduction for the land donation for the current year?
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