Assume the same facts as Problem 7-54, except that the qualified organization is a private nonoperating foundation.

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Assume the same facts as Problem 7-54, except that the qualified organization is a private nonoperating foundation. Determine the amount of the charitable contribution for Parts a through e.
In problem 7-54
a. Sharon donates a tract of land to a charitable organization. She has held the land for seven years. Her basis in the land is $10,000 and its FMV is $40,000.
b. Assume the same facts in Part a, except that Sharon has held the land for only 11 months and that its FMV is $23,000.
c. Jack purchases a historical document for $50,000. He donates the historical document to a charitable organization two years later. The organization plans to use it for research and study. Its FMV at the time of the donation is $100,000.
d. Assume the same facts in Part c, except that the organization plans to sell the document and put the money into an endowment fund.
e. Valerie donates some inventory to a charitable organization. The inventory is not food or clothing. The inventory is purchased for $500 and its FMV is $1,200 at the time of the donation. She held the inventory for seven months.
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Federal Taxation 2016 Comprehensive

ISBN: 9780134104379

29th Edition

Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson

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