Carl’s adjusted gross income is $80,000. he gave $8,000 cash to his church. He also donated land with a fair market value of $60,000 to Cleveland State University. The land cost him $30,000 in 1958. Finally, he contributed $6,000 to a private scholarship foundation to which the 20 percent limitation applies. Carl does not elect the optional reduction of the land contribution. What is car’s charitable contribution deduction for the year?
Asked Apr 13, 2010
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