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?
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?
Chapter13: Estate Taxes
Section: Chapter Questions
Problem 1CTD
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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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