Stanley donates a hotel to a university for use as a conference center. The building was purchased

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Stanley donates a hotel to a university for use as a conference center. The building was purchased 3 months ago for $1,500,000 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

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Income Tax Fundamentals 2017

ISBN: 9781305872738

35th Edition

Authors: Gerald E. Whittenburg, Steven Gill, Martha Altus Buller

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