Jim is planning to make a charitable contribution to a local university, a qualifying charitable organization. He is going to contribute a piece of real estate that he has owned for six years. The fair market value of the property is $$80,000$ and his basis in it is $$55,000.$ He has an AGI of $$120,000.$ What can you accurately tell Jim about the effect of a $50\%$ election?

A$)$The current$-$year deduction is $$55,000$ with a $$25,000$ carryforward.

B$)$The current$-$year deduction is $$55,000$ with no carryforward.

C$)$The current$-$year deduction is $$60,000$ with a $$20,000$ carryforward.

D$)$The current$-$year deduction is $$40,000$ with a $$15,000$ carryforward.