A donor gives a 1/12 undivided interest in all his rights in a vacation home to...
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A donor gives a 1/12 undivided interest in all his rights in a vacation home to a local charity (including the right to use or rent out the property for one month per year). The donor gives an additional 1/12 undivided interest each year for 10 more years to the same charity. The donor retains the final 1/12 interest to be kept by his family so that they can use the vacation home for one month out of each year. The property is valued at $120,000 at the time of the initial 1/12 interest gift. Each year it increases by an additional $12,000 by the time of the transfer of each subsequent 1/12 interest gift. What is the total value of the deduction for this gift? A donor gives a 1/12 undivided interest in all his rights in a vacation home to a local charity (including the right to use or rent out the property for one month per year). The donor gives an additional 1/12 undivided interest each year for 10 more years to the same charity. The donor retains the final 1/12 interest to be kept by his family so that they can use the vacation home for one month out of each year. The property is valued at $120,000 at the time of the initial 1/12 interest gift. Each year it increases by an additional $12,000 by the time of the transfer of each subsequent 1/12 interest gift. What is the total value of the deduction for this gift?
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The donor gave the charity a 112 undivided interest in the vacation hom... View the full answer
Related Book For
South Western Federal Taxation 2017 Comprehensive
ISBN: 9781305874169
40th Edition
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young
Posted Date:
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