Mark Moody has adjusted gross income of $52500 this year. During the year, he gave his church $4000 cash and land having a fair market value of $30800 and a basis of $23100. The land was held long-term. A contribution of $9200 in cash was also made to a private charity. How much is the charitable contributions carryover if Mark does not elect to reduce the fair market value by the appreciation in value of the land donated? [For your answer, please use whole number (no need to round) and ignore the dollar sign and the comma.] Answer:
Mark Moody has adjusted gross income of $52500 this year. During the year, he gave his church $4000 cash and land having a fair market value of $30800 and a basis of $23100. The land was held long-term. A contribution of $9200 in cash was also made to a private charity. How much is the charitable contributions carryover if Mark does not elect to reduce the fair market value by the appreciation in value of the land donated? [For your answer, please use whole number (no need to round) and ignore the dollar sign and the comma.] Answer:
Chapter10: Deductions And Losses: Certain Itemized Deductions
Section: Chapter Questions
Problem 3CPA
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![Mark Moody has adjusted gross income of $52500 this year. During the year, he gave his church $4000 cash and land having a
fair market value of $30800 and a basis of $23100. The land was held long-term. A contribution of $9200 in cash was also made
to a private charity.
How much is the charitable contributions carryover if Mark does not elect to reduce the fair market value by the appreciation
in value of the land donated?
[For your answer, please use whole number (no need to round) and ignore the dollar sign and the comma.]
Answer:](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F06a3ca83-b98a-4dd3-9639-3905786c01a4%2F86f7b5d5-4623-451d-941f-474ca30830c7%2F0stqn6h_processed.png&w=3840&q=75)
Transcribed Image Text:Mark Moody has adjusted gross income of $52500 this year. During the year, he gave his church $4000 cash and land having a
fair market value of $30800 and a basis of $23100. The land was held long-term. A contribution of $9200 in cash was also made
to a private charity.
How much is the charitable contributions carryover if Mark does not elect to reduce the fair market value by the appreciation
in value of the land donated?
[For your answer, please use whole number (no need to round) and ignore the dollar sign and the comma.]
Answer:
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