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?
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?
Chapter10: Deductions And Losses: Certain Itemized Deductions
Section: Chapter Questions
Problem 3CPA
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Transcribed Image Text: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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