Taylor, an unmarried taxpayer, had $90,000 in adjusted gross income for Year 13. During Year 13, Taylor donated land to a church and made no other contributions. Taylor purchased the land in Year 1 as an investment for $14,000. The land's fair market value was $25,000 on the day of the donation. 

What is the maximum amount of charitable contribution that Taylor may deduct as an itemized deduction for the land donation for Year 13?

Answer rating: 100% (QA)

To determine the maximum amount of charitable contribution that Taylor may deduct for the land donat... View the full answer