Dorchester purchased investment realty in 2001 for $25,000. During the current year he contributes it to the
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Dorchester purchased investment realty in 2001 for $25,000. During the current year he contributes it to the American Heart Association to use as the site for its new local headquarters. The realty has a value of $52,000 on the contribution date, and Dorchester's AGI is $100,000. Dorchester's maximum current year contribution deduction is
a. | $- 0 - | |
b. | $25,000 | |
c. | $30,000 | |
d. | $50,000 | |
e. | $52,000 |
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Answer The answer is 30000 Explanation Solution Given that Dorchester in 2001 purchased i... View the full answer
Related Book For 
Financial Accounting
ISBN: 978-1259222139
9th edition
Authors: Robert Libby, Patricia Libby, Frank Hodge
Posted Date:
