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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?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
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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