In 2020, Levittson Corp donates land to a recognized charity. The corporation purchased the land four years ago for $75,000, and its fair market value on the date of the contribution is $125,000. Levitton Corp's taxable income was $900,000 in 2019. What is Levittson's allowable charitable contribution for 2020?
In 2020, Levittson Corp donates land to a recognized charity. The corporation purchased the land four years ago for $75,000, and its fair market value on the date of the contribution is $125,000. Levitton Corp's taxable income was $900,000 in 2019. What is Levittson's allowable charitable contribution for 2020?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1
![In 2020, Levittson Corp donates land to a
recognized charity. The corporation
purchased the land four years ago for
$75,000, and its fair market value on the date
of the contribution is $125,000. Levitton
Corp's taxable income was $900,000 in 2019.
What is Levittson's allowable charitable
contribution for 2020?
Please answer with good explanation. Thx](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F39f8c5c3-a714-421b-a3ab-4e7d7291a7e2%2F7abadf51-3ef9-4955-9106-058b2a7d44a0%2Fiie2ozh_processed.jpeg&w=3840&q=75)
Transcribed Image Text:In 2020, Levittson Corp donates land to a
recognized charity. The corporation
purchased the land four years ago for
$75,000, and its fair market value on the date
of the contribution is $125,000. Levitton
Corp's taxable income was $900,000 in 2019.
What is Levittson's allowable charitable
contribution for 2020?
Please answer with good explanation. Thx
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