Sacha purchased land in 2010 for $35,000 that she held as a capital asset. This year, she contributed the land to the Boy Scouts of America (a charitable organization) for use as a site for a summer camp. The market value of the land at the date of contribution is $40,000. Sacha's adjusted gross income is $90,000. Assuming no special elections, Sacha's maximum deductible contribution this year is
A) $13,000.
B) $27,000.
C) $35,000.
D) $40,000.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Sacha purchased land in 2010 for $35,000 that she held as a capital asset. This year, she contributed the land to the Boy Scouts of America ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Rachelle transfers property with a tax basis of $800 and a fair market value of $900 to a corporation in exchange for stock with a fair market value of $750 and $50 in cash in a transaction that qualifies for deferral under section 351.
Answers (1)
A $100 coat marked down from $150 can seem like a better deal than the same coat priced regularly at $100. this best illustrates the importance of
Answers (1)
Rogers Products uses a periodic inventory system. The company's records show the beginning inventory of PH4 oil filters on January 1 and the purchases of this item during the current year to be as follows. Jan. 1 Beginning inventory 11 units @ $ 3.
Answers (1)
Which One of the following is true about intraperiod tax allocation? A. It is required for extraordinary items and cumulative effect of accounting changes but not for prior period adjustments. B.
Answers (1)
The producers of a new movie decide that they want three Jeep Cherokees for the main characters (Huey, Dewey, and Louie) to drive.
Answers (1)
New Questions in Business
In the united states today, what gives money its value?
Answers (2)
An employer has the right to monitor workers electronic communications if
Answers (1)
What is a kind of federal payroll tax A) Medicare tax B) sales tax C) property tax D) progressive tax
Answers (2)
The Rye Corporation has provided the following information: Total sales were $1,240,000. Beginning net accounts receivable was $49,000. Ending net accounts receivable was $63,000. Sales returns and allowances totaled $108,000.
Answers (1)
It's important to know whether you've paraphrased and cited source material for your paper correctly so you avoid plagiarism. Read the original quote below and the two attempts to paraphrase it.
Answers (1)