In each of the following independent cases determine the amo

In each of the following independent cases, determine the amount of the charitable contribution and the limitation that would apply. In each case, assume that the donee is a qualified public charity EEB Click the icon to view the independent cases.) a. Sue donates a tract of land to a charitable organization. She has held the land for seven years. Her basis in the land is $17,000 and its FMV is $47,000 The charitable contribution is subject to Data Table a. Sue donates a tract of land to a charitable organization. She has held the land for seven b. Assume the same facts in Part a, except that Sue has held the land for only 11 months c. John purchases a historical document for $56,000. He donates the historical document to years. Her basis in the land is $17,000 and its FMV is $47,000. and that its FMV is $25,000. a charitable organization two years later. The organization plans to use it for research and study. Its FMV at the time of the donation is $107,000 and put the money into an endowment fund clothing. The inventory is purchased for $500 and its FMV is $1,200 at the time of the d. Assume the same facts in Part c, except that the organization plans to sell the document e. Vera donates some inventory to a charitable organization. The inventory is not food or donation. She held the inventory for seven months. Print Done

Solution

a) Charitable contribution is $17000 subject to 50% of AGI b) Charitable contribution is $17000 subject to 50% of AGI c) Charitable contribution is $107000 subject to 50% of AGI d) Charitable contribution is $10700 minus Long term capital gain recognized when it is sold subject to 50% of AGI e) Charitable contribution is $500 subject to 50% of AGI