Stanley donates a hotel to a university for use as a conference center. The building cost $1,500,000
Fantastic news! We've Found the answer you've been seeking!
Question:
Stanley donates a hotel to a university for use as a conference center. The building cost $1,500,000 3 months ago and has a fair market value of $1,900,000 on the date the contribution is made. If Stanley had sold the building, the $400,000 difference between the sales price and cost would have been a short-term capital gain. What is the amount of Stanley’s deduction for this contribution, before considering any limitation based on adjusted gross income?
a. $2,300,000
b. $1,500,000
c. $1,900,000
d. $0
e. The amount cannot be determined from the information given
Related Book For
Federal Taxation 2016 Comprehensive
ISBN: 9780134104379
29th edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
Posted Date: