Mark Moody has adjusted gross income of $50,000 for 2019. During the year, he gave his church

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Mark Moody has adjusted gross income of $50,000 for 2019. During the year, he gave his church $3,000 cash and land having a fair market value of $40,000 and a basis of $20,000. The land was held long-term. A contribution of $8,000 in cash was also made to a private charity. How much may be deducted as contributions if Mark does not elect to reduce the fair market value by the appreciation in value of the land donated? How much is the charitable contributions carryover?

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CCH Federal Taxation Basic Principles 2020

ISBN: 9780808051787

2020 Edition

Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback

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